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AUDCHF (H4): LONG Idea on this Ascending Channel BREAKOUT!

Long
FX:AUDCHF   Australian Dollar / Swiss Franc
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TECHNICAL ANALYSIS:
Since the beginning of December, the price got a stronger trend correction, moving up trying to reach the resistance level at about 0.68256.

Once it reached that, the resistance zone rejected the price, breaking it during the second attempt.

As we can see in this chart, few days ago the price also broke the ascending channel and it bounced on the previous resistance zone that now is acting as a strong support.

CONCLUSION:
I think there is a nice chance to see the price continuing the same trend, trying to reach the main resistance zone at about 0.69500.
The price is actually oversold and it clearly bounced on the support zone .
IF THE PRICE will break the ascending channel , we can definitely plan a long trade until the next resistance zone .

Stay tuned for updates!
What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly
Gianni
Comment: The price, as expected, got a nice rejection on the S/R zone and is now starting a new uptrend!
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Comments

thanks for sharing your view here. appreciated!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, You're welcome Rich! and hopefully it will be useful! Thanks so much for the feedback!
Reply
I think the price hits the weekly resistance and corrects the impulse wave by at least 50% Fibo RET. Also, the price is forming a head and shoulders pattern
+1 Reply
@CITYFXX that’s absolutely true ! I can see this pattern as well , this is mainly the reason I won’t open any trade right now. I’m just waiting the price action on this area and then let’s see!
Reply
amazing setup and overall great. Thank you for the updates!
Reply
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