The AUD/CHF pair has been forming a recovery after bouncing off the 38.2% Fibonacci retracement level at 0.5643, following a sharp downtrend. Currently, the price is trading around 0.5840, indicating a potential breakout from the downtrend channel.
The breakout above 0.5814 signals a potential bullish continuation, targeting the upper trendline near 0.5900. If the price can break through this level, the next major target will be 0.6090. However, a rejection here could result in a retest of support at 0.5728.
RSI is pointing upwards, suggesting momentum is in favor of the bulls, though it is nearing overbought territory. Volume also supports a potential upward move, but caution is advised at key resistance areas.
- Key Resistance Levels:
- 0.5814 (61.8% Fib retracement)
- 0.5900 (Top of the downward sloping trendline)
- 0.6090 (Previous swing high)
- Key Support Levels:
- 0.5728 (50% Fib retracement)
- 0.5625 (Horizontal support)
The breakout above 0.5814 signals a potential bullish continuation, targeting the upper trendline near 0.5900. If the price can break through this level, the next major target will be 0.6090. However, a rejection here could result in a retest of support at 0.5728.
RSI is pointing upwards, suggesting momentum is in favor of the bulls, though it is nearing overbought territory. Volume also supports a potential upward move, but caution is advised at key resistance areas.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.