More and more pressure from the selling side is put on AUDCHF. The pair completed an impulsive leg to the upside during the recent several days. After the wave our next expectation is the correction ( or the reversal if we are not speaking of an impulse wave anymore ) So in this case here, we have two equally likely scenarios:
1. Bullish; the buyers hold the price above the bottom of the triangle and on the top of that they manage to push the price in order to break the falling resistance and continue the uptrend. This scenario is validating the impulse wave setup.
2. Bearish; the price cannot break the triangle while sellers push the price to the downside more and more till they manage to break the solid support. If the support breaks our next target is the start of the wave which also lies close to the psychological level of 0.6500
1. Bullish; the buyers hold the price above the bottom of the triangle and on the top of that they manage to push the price in order to break the falling resistance and continue the uptrend. This scenario is validating the impulse wave setup.
2. Bearish; the price cannot break the triangle while sellers push the price to the downside more and more till they manage to break the solid support. If the support breaks our next target is the start of the wave which also lies close to the psychological level of 0.6500
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Bearish Scenario:
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Bullish Scenario: