• AUDCHF reversed from support area
• Likely to rise to resistance level 0.6865
AUDCHF currency pair recently reversed up from the support area lying between the key support level 0.6650 (former strong support from December), lower daily Bollinger band and the 61.8%Fibonacci correction of the sharp upward impulse from last October. The upward reversal from this support area stopped the previous multi-month downward ABC correction (B) from the end of February.
Given the prevailing uptrend – AUDCHF currency pair can be expected to rise further toward the next resistance level 0.6865 (previous support from June, which stopped the earlier corrective wave A).