AUD/CHF reached sell target 0.7270

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.


EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



Morning brief for May 30

 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…

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