Has the downtrend of AUD/CHF ended?

Has the downtrend of AUD/CHF ended?

On the daily chart of AUD/CHF, the pair reached the first crucial support at 0.6880. RSI and Stochastic Oscillator are in the oversold area. Awesome Oscillator formed a bullish divergence with the chart. As a result, we can anticipate a soon recovery of the pair. If bears are able to pull the pair down. The next important support will lie at 0.6830.

However, the odds of the rebound from 0.6880 are high. In the middle term, the main target for the pair is located at 0.7018. Nevertheless, before the pair reaches that level, we may see a correction near 0.6981 with a possible retest of 0.6880. To be sure in the trend reversal, it’s worth waiting until the pair breaks above the trendline near 0.6917.

Fundamental factors: on Thursday, investors will pay attention to the Australian jobs data. If the actual releases are more optimistic than forecasts, the AUD will be encouraged. In the case of the worse readings, the currency may suffer that will affect the direction of the pair. However, if the reversal of the trend is confirmed, the pair will recover. 

AUDCHFDaily1.png

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