FX.co ★ AUDCHF facing bullish pressure, potential for further upside!

Prices are generally bearish on AUDCHF, however, a short term bullish move to the descending trendline resistance is possible. Prices are currently taking support on horizontal swing low support in line with 78.6% Fibonacci extension and 127.2% Fibonacci retracement. Prices might push up towards descending trendline resistance in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. If prices push down further, stop loss is at 161.8% Fibonacci retracement and -27.2% Fibonacci retracement fibonacci confluence area. MACD is also showing a bullish crossover, showing a possible short term bullish in price.

Trading Recommendation

Entry: 0.69253

Reason for Entry:

Horizontal swing low support, 78.6% Fibonacci extension, 127.2% Fibonacci retracement

Take Profit: 0.69720

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.68992

Reason for Stop Loss:

161.8% Fibonacci retracement, -27.2% Fibonacci retracement