Trade of the Day: AUD/CHF

AUD/CHF recently broke the key support level 0.6218, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 3-bar level – which is the result of the three previous reversals from this price level. AUD/CHF is expected to fall reach the forecast price 0.6205.

As can be seen from the daily AUD/CHF chart below – the price earlier broke the key support zone located between the key support level 0.6300 (previous monthly low from January and February) and the 61.8% Fibonacci correction of the sharp upward impulse from the middle of December. This price area is acting as the strong resistance zone after it was broken. The proximity of this resistance area increases the probability AUD/CHF will continue to fall toward the forecast price 0.6205.