AUD/CHF found the support near 0.7260 and started to move higher
producing higher highs and higher lows. Pair broke above the 50 and 200 Moving
Averages suggesting that the overall trend is bullish.
Yesterday AUD/CHF found the support at the lower trendline of
the ascending channel and this support level corresponds with the rate where 50
MA was rejected – 0.7392.
Consider buying AUDCHF while the price is near 0.7400, targeting
either 161.8% ( 0.7450) or 261.8% (0.7525)
Fibonacci retracement levels applied to the last corrective wave down. The suggested
stop loss is 0.7380.
Resistance: 0.7445, 0.7475, 0.7525
The material has been provided by InstaForex Company – www.instaforex.com