InstaForex - Analytics

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AUD/CHF confirms bullish trend

AUD/CHF broke above strong resistance (S2), broke above 200 Moving Average and above a descending channel.

The Fibonacci applied to the channel breakout point clearly show that R1 (0.7200) resistance has been broken while S1 (0.7176) support has been rejected.

Consider buying AUD/CHF anywhere between the current level and S1 (0.7176) support. A target is at 0% Fibonacci level at 0.7238 (R2). At this point, the pair is very unlikely to move down to hit a new low and should stay above S2.

Support: 0.7176, 0.7157

Resistance: 0.7200, 0.7238

audchf-h1-instaforex-group.png

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