Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise in the direction of the key resistance level 0.6665 which was previously identified by Autochartist. Autochartist rates the significance of this key resistance level at the 6-bar level – which is the result of six earlier price reversals from this price level. AUD/CHF is expected to rise further toward the resistance level 0.6665 – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily AUD/CHF chart below – the pair earlier reversed up from the support area located between the key support level 0.6566, lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from December. The proximity of this support zone increases the probability AUD/CHF will continue rise toward the resistance level 0.6665.