Descending Channel has been clearly formed and price is now at the top of the channel.
We have a confluence of other resistances around the 0.6550 - 0.6556 area. Pivot Point Resistance and the 61.8% Fibonacci Resistance level is also in this area. Expecting price to drop to the support area before it bounce back. Its a Bear market. AUD is also in a Bull mood against the USD but Sentiment is also in favour of the CHF as everyone is going back to the safety of safe havens.
As usual, we play it safe by setting a tight stop loss, just in case the market changes direction.
We have a confluence of other resistances around the 0.6550 - 0.6556 area. Pivot Point Resistance and the 61.8% Fibonacci Resistance level is also in this area. Expecting price to drop to the support area before it bounce back. Its a Bear market. AUD is also in a Bull mood against the USD but Sentiment is also in favour of the CHF as everyone is going back to the safety of safe havens.
As usual, we play it safe by setting a tight stop loss, just in case the market changes direction.