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.

There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial adivice. The presented set-ups are not solicitations of any order to buy or sell.
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? :-)
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
Expecting the lower median line parallel to work this time...
I like this suport at the blue line.
Found support at the lower median line parallel?
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out