AUD/CHF Price Analysis: Bulls in the driving seat for the open
|- Bulls remain in the driver's seat fully planted on bullish grounds.
- An upside bias is presumed from a topdown analysis.
As per last week's analysis, AUD/CHF Price Analysis: One for the watchlist for a bullish extension, the price extended to the upside for a breakeven scenario from entry point.
The following is a top-down analysis that arrives at a bullish prospect from a day trading perspective for the open.
Prior analysis
From a 4-hour perspective, the bulls had met support and here were prospects for an upside continuation and a higher probability set up above the resistance.
The conviction was illustrated from a daily perspective as follows:
Live market, daily chart
Live market, 4-hour chart
With price having made a low within the vicinity of a 38.2% Fibonacci retracement, while there are still prospects of a fuller test of the level, the bias remains bullish.
Sights can be set on an hourly target of a -272% Fibo of the presumed 38.2% correction at 0.6926:
1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.