EUR/USD reversed from support zone Next buy target - 1…
AUD/CHF rising inside minor impulse wave 3
- AUD/CHF rising inside minor impulse wave 3
- Next buy target - 0.7780
AUD/CHF recently reversed up from the support area lying at the intersection of the pivotal support level 0.75800 (low of the previous minor correction (ii)), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from July. The upward reversal from this support zone started the active minor impulse wave 3. AUD/CHF is expected to rise to the next buy target at the next resistance level 0.7780 (which stopped previous impulse waves (1) and 1).
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.