AUD/CHF reversed from resistance zone

AUD/CHF reversed from resistance zone

  • AUD/CHF reversed from resistance zone
  • Next sell target - 0.7270

AUD/CHF has been falling sharply in the last 2 trading sessions – following the earlier downward reversal from the resistance zone lying at the intersection of the key resistance level 0.7490 (previous powerful support level which stopped earlier waves (iv), a and (iii), as can be seen below) and the 61.8% Fibonacci correction of the previous upward impulse 1 from December (acting as resistance after it was broken).

AUD/CHF is expected to fall to the next sell target at the next resistance level 0.7270 (multi-month low from last December).


GBP/USD: "Triple Bottom"

The main intraday target is the next resistance at 1.4011. If a pullback from this level forms afterwards...


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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