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Long

AUDCHF... Downtrend now over? Long opportunity?!

FX:AUDCHF   Australian Dollar/Swiss Franc
Glancing through my charts this morning and I notice this potential trend reversal trade on AUDCHF             . The downtrend may be over for a few reasons...

1. Price still has yet to move lower than the previous swing low

2. Price is finding support at 0.6975 before making a lower swing low

3. Price may close above a clear resistance at 0.7100. If so, there will be added support on AUDCHF             , which may encourage price to move higher

4. Depending on where price closes today, we may see a higher high (the more minor trend swings) and a higher low, clear characteristics of an uptrend

Some things to be aware of...

Resistance at 0.7256
Potential downwards channel (marked in grey)
Potential range (marked in red)
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