- AUDCHF reversed from support area
- Further gains are likely
AUDCHF continues to rise after the earlier upward reversal from the support area lying between the key support level 0.7070 (which has been reversing the price from the middle of January) and the lower daily Bollinger Band.
The aforementioned support area was further strengthened by the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of January.
AUDCHF is expected to rise further and re-test the next resistance level 0.7250 (high of the previous wave 2 from the start of February).