• AUDCHF reversed from support area
• Likely to rise to 0.6910
AUDCHF currency pair recently reversed up from the support area lying between the key support level 0.6820 (former Double Top from the end of 2019 – acting as the support now after it was broken by the previous upward impulse wave from last month) and the 38.2% Fibonacci retracement of aforementioned upward impulse. The upward reversal from this support area continues the active multi-month upward impulse sequence 3.
Given the overriding uptrend that can be seen on the daily charts and the strongly bullish Aussie sentiment – AUDCHF currency pair can be expected to extend the gains toward the next resistance level 0.6910 (which reversed the price with the daily Bearish Engulfing at the start of this month).