AUD/CHF - trend reversal or only correction?
Today AUD/CHF reached to 3-months high and also to a resistance. That level made reaction of the price many times this year. If that resistance (price range: 0.7225 - 0.7280) will break above, next targets of that upward movement are at levels 0.7480, 0.7700. Alternatively if there will be a rebound, nearest support is at 0.7050 (uptrend line from last months) and next supports are at levels: 0.7000, 0.6890, 0.6720, 0.6600.
Wider view, time-frame D1
Since 2012 AUD/CHF moves in downward trend. Strong price drop was at January 15. After further rebound, falls were continued in downward channel. In August, the price reached a new low and since that moment new upward movement has begun. Upper limit of downward channel was break above and AUD/CHF has a chance for a new upward wave. Next resistances at daily time-frame are covering fibo levels. Only break above level 0.7700 give a chance that current movement is a new trend.
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