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.

Ross J Burland FXStreet

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

The bullish monthly H&S and break of the prior doji leave an upside bias on the charts.

Weekly chart

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

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

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.

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