AUD/CHF: buy targets - 0.7130 and 0.7200
By: Dmitriy Chernovolov
- AUD/CHF reversed from support zone
- Next buy targets - 0.7130 and 0.7200
AUD/CHF recently reversed up from the support zone lying at the intersection of the upper trendline of the wide daily down channel from the end of April – acting as support now, after it was broken by the previous upward impulse from the end of October, as you can see below), the 50% Fibonacci Retracement of the aforementioned upward price impulse and the round support level 0.7000. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Piercing Line.
AUD/CHF is likely to rise further in the active impulse wave 3 (of the intermediate (C)-wave from September) toward the next buy targets - 0.7130 and 0.7200.