AUD/CHF confirmed a short-term uptrend today and broke above the downtrend trendline. At the same time, the pair broke above 200 Moving Average right at the same spot as it broke above the trendline – 0.7205 (S2).
The Fibonacci applied to the trendline breakout point shows that 38.2% level has been taken out and now could be acting as a support for the next wave up.
Consider buying AUD/CHF at any minor retracement, targeting 0% Fib, that is 0.7267 (R2). If/when target is reached, it could be a good reversal point to enter the longer-term short position.
Support: 0.7219, 0.7204, 0.7190
Resistance: 0.7237, 0.7267
The material has been provided by InstaForex Company – www.instaforex.com