AUDCHF Above the Support

FX:AUDCHF   Australian Dollar / Swiss Franc
If this fork is going to hold, I expect the price to get at least to 0.8245. I like the support level below, so any SL orders should be placed below 0.814. The aussie has been performing below its recent 'true potential', became overbought (by my measures), so I expect it to strengthen in coming hours. On the other hand, I find the Swiss franc             pretty weak, but with a potential to weaken further, so a rally in this pair seems to be quite justified. However, if the setup fails, we should first expect the support at 0.8152 to hold; and if even this one fails, we'll probably see this market follow the dark red fork, perhaps even down to the lower median line parallel.

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Found support at the lower median line parallel?
I like this suport at the blue line.
Expecting the lower median line parallel to work this time...
Now that the support at 0.812 (green line) looks likely to hold, I expect this market to stage a rally up to the area, where the blue lower median line parallel and the red upper median line parallel cross, or to .8235.
+1 Reply
AUDCHF has broken below the support of previous lows as well as slipped below the downward median line. And yet, I wouldn't be so bearish about it. Just consider the recent price action above the green horizontal lines as a kind of a trading range. Utopian as it seems, I believe there's still some support off the previous highs, at roughly 0.8127, that can stop the onging decline and mark the beginning of a new rally. Isn't it always the darkest before the dawn? :-)
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