There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
AUD/CHF reached buy target 0.7320
- AUD/CHF reached buy target 0.7320
- Next buy target - 0.7520
AUD/CHF continues to rise steadily – after the earlier breakout of the resistance level 0.7320, which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 0.7320 accelerated the active minor corrective wave (ii) – which started earlier from the key multi-month support level 0.7270 (which has been reversing the price from last year).
AUD/CHF is expected to rise to the next buy target at the next resistance level 0.7520 (previous resistance level, which reversed the price earlier this month).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.