• AUD/CHF broke key support level 1.5600
• Further losses are likely
AUD/CHF today broke through the key support level 1.5600, which stopped the previous short-term impulse wave (i) earlier this month – as can be seen below.
The breakout of this support level should accelerate the active impulse wave (iii) – which started recently from the resistance area lying at the intersection of the resistance level 0.7270 (former support from June) and the resistance trendline from March.
AUD/CHF is expected to fall further and retest the next support level 0.7100 (target price for the completion of the active impulse wave (iii)).