Clear downtrend has appeared on AUD/CHF where
the rate is moving within the descending channel.
The price broke through a major support
area near 0.71, fell lower and retraced back to the same level of R2
Currently, AUD/CHF has found a resistance at
the midline of the descending channel that is near R1 (0.7042). The pair
should be ready to fall very shortly providing an excellent
opportunity to go with the flow.
Consider selling AUD/CHF near R1
targeting S1 (0.6893) area that is 261.8% Fibonacci retracement level
of the 07.05 low and 14.05 low. The stop loss could be placed just
above the R2.
Resistance: 0.7042, 0.7095
The material has been provided by InstaForex Company – www.instaforex.com