AUD/CHF: trade idea
- AUD/CHF fall inside minor corrective B-wave
- Next sell targets - 0.7400 and 0.7200
AUD/CHF continues to fall inside minor corrective B-wave – which started earlier when the pair reversed down from the resistance zone located between the resistance level 0.7800 (former strong support level which reversed the previous sharp minor impulse wave 3 in the middle of December, as you can see from the daily AUD/CHF chart below), the 61.8% Fibonacci Correction of the recent sharp minor downward impulse wave 5 from January and the upper daily Bollinger Band.
The pair is expected to fall further in the active corrective wave B toward the next sell targets at the support levels 0.7400 and 0.7200. Sell stop-loss can be placed above the aforementioned resistance level 0.7800.