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AUD/CHF Potential Upward Movement

AUD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.69094, 0.69702, 0.70000.

Key Support Levels: 0.68057, 0.67404, 0.67089.

Daily Chart:

The price on the higher time frame posted an inverse head and shoulders which led to a change in the direction of the main trend from a downward movement to an upward one. The market managed to break the trend line resistance to the upside and retraced to the key support level. we expect a new impulsive wave to the upside in the coming hours.

AUD/CHF Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair showed higher highs and lows and now it is traded inside a bullish flag formation. It found buyers around the 50% Fibonacci retracement level where a lower correction to the 0.68000 CHF mark could be seen before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 0.68114

TP 1 @ 0.69094

TP 2 @ 0.69702

Stop Loss @ 0.67623

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

One comment

  1. What a solid play this was! Nice eye on the inverse head and shoulders!

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