AUD/CHF broke daily down channel
By: Dmitriy Chernovolov
- AUD/CHF broke daily down channel
- Next buy target – 0.7540
AUD/CHF continues to rise inside the minor impulse wave 3 – which earlier broke the resistance level 0.7300 and the upper resistance trendline of the daily down channel from the start of March. The active impulse wave 3 started earlier this month - when the pair reversed up from the support zone lying between the support level 0.7200, lower daily Bollinger Band, 50% Fibonacci correction of the previous impulse wave 1 and the support trendline of the aforementioned down channel.
AUD/CHF is likely to rise further in the active impulse wave 3 toward the next buy target at the strong resistance level 0.7540 (which stopped the earlier waves (A) and 1, as can be seen below).