AUD/CHF reversed from support area

AUD/CHF reversed from support area

  • AUD/CHF reversed from support area
  • Next buy target - 0.7670

AUD/CHF continues to rise after the earlier upward reversal from the support area lying between the key support level 0.7580 (which stopped the previous (a)-wave at the end of September, as can be seen below), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous upward impulse from July. The upward reversal from this support area stopped the earlier minor impulse wave (c). AUD/CHF is expected to rise to the next buy target at the next resistance level 0.7670 (top of wave (b)).



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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