The AUD/CHF pair continues producing higher highs and today broke
above the descending channel. On Monday, the pair rejected the 200 Moving Average
while forming a bullish divergence on the MACD. The rate moved higher and then also rejected
the 50 Moving Average.
The trend appears to be bullish and therefore consider
buying AUD/CHF while the rate is near the 50% Fibs (0.7430), targeting either 38.2%
(0.7473), 23.6% (0.7525) or 0% Fibs (0.7610) as the final upside target. The stop
loss should be just below the 61.8% Fibs (0.7380).
Support: 0.7386, 0.7430
Resistance:0.7473. 0.7526, 0.7612
The material has been provided by InstaForex Company – www.instaforex.com
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