AUD/CHF broke above strong
resistance (S2), broke above 200 Moving Average and above a descending
The Fibonacci applied to the channel breakout point clearly show that R1 (0.7200) resistance has been broken while S1 (0.7176) support has been rejected.
Consider buying AUD/CHF anywhere between the current level and S1 (0.7176) support. A target is at 0% Fibonacci level at 0.7238 (R2). At this point, the pair is very unlikely to move down to hit a new low and should stay above S2.
Support: 0.7176, 0.7157
Resistance: 0.7200, 0.7238
The material has been provided by InstaForex Company – www.instaforex.com