AUD/CHF: levels & targets
• AUD/CHF reversed from resistance level 0.7230
• Next sell target - 0.6930
AUD/CHF recently reversed down strongly from the powerful resistance level 0.7230 (which has been reversing this currency pair from the start of this year, as you can see from the daily AUD/CHF chart below). The latest upward correction (a) of this currency pair helped the daily RSI and Stochastic indicators recover from the strongly oversold levels – which were reached last month with the help of the sharp downward price impulse 1.
Given that daily indicators RSI and Stochastic are both trading in the neutral territory, the pair can be expected to fall further in the nearest time to test the support level 0.6930 (which reversed the pair multiple times in January). Sell stop-loss can be placed one daily ATR (average true range) above the resistance level 0.7230.