By: Dima Chernovolov
AUD/CHF recently broke the key resistance level 0.6801, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the four earleir price reversals from this price level. AUD/CHF is expected to continue to rise toward the forecast price 0.6850.
As can be seen from the daily AUD/CHF chart below – the price recently reversed up from the support area set between the support level 0.6740 (low of the corrective wave from the start of this month), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from February. The proximity of this support zone increases the probability AUD/CHF will continue to rise toward the forecast price 0.6850.