Similar to the EURCHF, we can see price bouncing off a decending trendline and making the move lower
There is divergence on the lower timeframes which could indicate a fall on this pair as well
I believe we will see a break in support and a retest before a drop to support
Once price breaks from the trend line we will sell down to the target area
There will be several pullbacks and it may take a few weeks if not months to get there but its a nice profitable trade for those who don't want to look at charts all day!
This pair broke out bullish after reaching support ( the point where it started moving up) . We've currently seen price move bearish into what i'd see as a pullback with potential to for price to bullish again and create new highs toward the price level marked with the green line which is also our take profit level.
ENTRY - Grey line
STOP LOSS - Red line
The Australian Dollar has been weak of late, and with the current risk off sentiment we are expecting a shift back into the worlds safe haven currencies of JPY and CHF.
Our favoured pair for the coming week is AUDCHF with a beautiful 15m bearish engulfing candle right off of our level of interest at 0.68630.
Initially this trade has been taken as a day-trade...
AUDCHF has been travelling in a descending channel marked out in black. Price recently hit the top of the channel and has started making its way down, on its way it has formed another descending channel marked out in blue. Right now price is at a major support level, It has previously been tested in the past very strongly. If price breaks above the descending...
AUDCHF price has bounced from the major support zone highlighted by the pink rectangle. It has also been travelling in a descending channel. We believe price will now make its way up to the zone shown above (0.70500), price has made a Higher High on the 4H chart, it will now move up, break above the descending channel , come back down to retest the channel like...