AUD/CHF Technical Analysis: Failure to clear 0.7175 signals pullback

The AUD/CHF pair rose nearly 80 pips to the day’s high of 0.7156 during initial hours of Asian session on Monday.
However, the pair couldn’t surpass the 0.7170-75 horizontal resistance-area including mid-January highs to early February lows.
As a result, chances of its pullback to the 0.7080-75 support-zone become brighter.
If at all prices decline under 0.7075, 0.7050, 0.7000 and 0.6955 are likely following numbers to appear on the chart.
Alternatively, an upside clearance of 0.7175 enables the pair to aim for 0.7200 and 0.7235 ahead of targeting the early month high around 0.7260.
During the pair’s sustained upmoves past-0.7260, the 61.8% Fibonacci expansion of its January-February advances after the flash crash low, at 0.7340, could become bulls’ favorite.

Anil Panchal FXStreet

AUD/CHF 4-Hourly chart

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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