AUD/CHF: sell target – 0.7200
By: Dmitriy Chernovolov
- AUD/CHF falling inside impulse wave ③
- Next sell target – 0.7200
AUD/CHF recently reversed down from the major resistance level 0.7540 (which stopped the previous intermediate (A)-wave of the earlier primary ABC correction, as can be seen from the daily AUD/CHF chart below). The latest downward reversal from the reversal level 0.7540 stopped the primary ABC correction ② from August. The resistance zone near the resistance level 0.7540 was further strengthened by the upper daily Bollinger Band.
AUD/CHF is currently approaching the support level 0.7300. If the price breaks below this support level - the pair can then fall further in the active impulse wave ③toward the next sell target at the support level 0.7200.