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
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Live market, 4-hour chart
-637489281513429768.png)
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
-637489285675444573.png)
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
