NZD/USD: pair to reach previously tested support
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AUD/CHF reached sell target 0.7270
- AUD/CHF reached sell target 0.7270
- Next buy target - 0.7320
AUD/CHF today reversed up from the support zone lying between the powerful support level 0.7270 (previous sell target, which has been steadily reversing the price from last August - as can be seen from the daily AUD/CHF chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the earlier minor impulse wave (iii).
Given the deeply oversold reading on the daily Stochastic indicator - AUD/CHF is expected to rise to the next buy target at the next resistance level 0.7390.
Dmitry Chernovolov
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