Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise toward the key resistance level 0.6922 which was recently identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three earlier price reversals from this price level. AUD/CHF is expected to continue to rise toward the resistance level 0.6922.

As can be seen from the daily AUD/CHF chart below – the price earlier reversed up from the support zone located between the pivotal support level 0.6825 (former monthly high from September) and the 38.2% Fibonacci correction of the upward impulse from last month. The proximity of this support zone increases the probability AUD/CHF will continue to rise toward the resistance level 0.6922.