AUDCHF: Is the price breaking through its MAIN CHANNEL?
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🟢Forex Pair:
AUD/CHF
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend, bouncing for the first time on its dynamic support at the beginning of November 2020.
It has currently reached an important and strong S/R zone at about 0.68384, level that rejected the price many times in the past.
In the daily time frame, at the beginning of December 2020, a strong positive impulse moved the price up until the resistance zone at about 0.68911, getting a rejection once it reached that level.
In the h4 time frame, the price is clearly following an ascending channel, few days ago it reached and bounced on its dynamic resistance and now is approaching to retest its dynamic support. The next price action will be essential to understand the next market movement.
🔴Conclusion:
I think the price reached a really interesting area and I'm confident to see it falling down, breaking through its dynamic support level, trying to reach the main weekly trendline and eventually the main weekly S/R zone.
I'll be waiting the breakout of the level 0.68265 before planning any short position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/CHF
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend, bouncing for the first time on its dynamic support at the beginning of November 2020.
It has currently reached an important and strong S/R zone at about 0.68384, level that rejected the price many times in the past.
In the daily time frame, at the beginning of December 2020, a strong positive impulse moved the price up until the resistance zone at about 0.68911, getting a rejection once it reached that level.
In the h4 time frame, the price is clearly following an ascending channel, few days ago it reached and bounced on its dynamic resistance and now is approaching to retest its dynamic support. The next price action will be essential to understand the next market movement.
🔴Conclusion:
I think the price reached a really interesting area and I'm confident to see it falling down, breaking through its dynamic support level, trying to reach the main weekly trendline and eventually the main weekly S/R zone.
I'll be waiting the breakout of the level 0.68265 before planning any short position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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