• AUDCHF reversed from strong resistance area
• Likely to fall to 0.6600

AUDCHF today reversed down from the powerful resistance area lying between the long-term resistance level 0.6700 (which has been reversing the price from the start of June) intersecting with the upper daily Bollinger Band. The last two times the pair reversed down from the resistance level 0.6700 it stopped the previous waves B and 1 – as can be seen from the daily AUDCHF chart below.

Given the power of the resistance area surrounding the resistance level 0.6700, the overbought reading on the daily Stochastic indicator and the rising Swiss franc bullishness seen across the FX market today – AUDCHF is expected to fall further toward the next support level 0.6600 (which stopped the previous minor correction 2 at the start of November).