AUDCHF has broken above a resistance zone that capped price action for much of June and July, with the pair now testing this area as a potential support zone following the recent rally to the 0.5727 swing high.
AUDCHF has pulled back sharply from its recent highs after breaking above a resistance zone that could now act as support. Price is currently hovering around 0.5586, right in the thick of a cluster of Fibonacci retracement levels that could be enough to attract fresh bullish momentum.
AUDCHF had been riding a steady ascending channel since late January, with price respecting a rising trendline support that carried the pair all the way up to the swing high near the 0.5619 level.
AUDCHF has been trading within an ascending channel pattern, with price recently hitting resistance near the channel top around 0.5430.
AUDCHF has tumbled below a key support zone around the 0.5220 handle, indicating that a downtrend could be underway.
AUDCHF is currently executing a pullback to the area of interest around the previously broken rising trend line, as the pair attempts to gather bullish momentum following its recent decline from higher levels.
AUDCHF has formed higher lows connected by a rising trend line that’s been holding for the past few weeks. Price looks ready for another test of support soon.
AUDCHF could be in for a reversal from its short-term selloff, as the pair is forming an inverted head and shoulders on its hourly time frame.