AUD/CHF Price Analysis: One for the watchlist for a bullish extension
- AUD/CHF is setting up for a bullish continuation from the long term time frames.
- Bulls need to see the price break 4-hour resistance.
AUD/CHF is on the verge of an upside extension according to the following top-down analysis, although there is still some work to be done by the bulls before a higher probability setup can be established.
Monthly chart
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The bullish monthly H&S and break of the prior doji leave an upside bias on the charts.
Weekly chart
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The price as retested the weekly support structure which has held off the bears, so far. An upside extension is presumed from the series of impulses and corrections.
Daily chart
-637485959164454919.png)
The recent correction has taken the price into deep Fibonacci retracements and where they meet prior resistance structure.
The price would be expected to be supported at this juncture and a continuation to the upside is on the cards.
4-hour chart
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However, from a 4-hour perspective, the bulls need to see the price ideally break the overhead resistance before an optimal entry point can be established from a newly formed bullish structure.
This one for the watchlist.
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.
