FXtrades-gp

AUDCHF: Is the price breaking through its MAIN CHANNEL?

Short
FX:AUDCHF   Australian Dollar / Swiss Franc
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🟢Forex Pair:
AUD/CHF

Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend, bouncing for the first time on its dynamic support at the beginning of November 2020.
It has currently reached an important and strong S/R zone at about 0.68384, level that rejected the price many times in the past.

In the daily time frame, at the beginning of December 2020, a strong positive impulse moved the price up until the resistance zone at about 0.68911, getting a rejection once it reached that level.

In the h4 time frame, the price is clearly following an ascending channel , few days ago it reached and bounced on its dynamic resistance and now is approaching to retest its dynamic support. The next price action will be essential to understand the next market movement.

🔴Conclusion:
I think the price reached a really interesting area and I'm confident to see it falling down, breaking through its dynamic support level , trying to reach the main weekly trendline and eventually the main weekly S/R zone.
I'll be waiting the breakout of the level 0.68265 before planning any short position.

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

thanks for sharing ... here is my point of view
+1 Reply
FXtrades-gp MMFXSignals
@MMFXSignals, really interesting, in a long term I'd see a long trade as well, very good ! :)
Reply
Upvoted!
+1 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals, many thanks! :)
Reply
Yeah, I am bearish too!
+1 Reply
FXtrades-gp MountainTraderFX
@MountainTraderFX, let's see if we are right! :) thanks for your feedback!
Reply
Awesome work! thanks for sharing 😊🙏🏻
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, you're welcome! many thanks!:)
Reply
You have earned my respect, beautiful.
+1 Reply
@abel11 ahaha thanks Abel! Nice to get your support!
Reply
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