The AUDCHF caught my attention this morning after the New York close. The Swiss Franc (CHF) seems to be in a strong downtrend after the big SNB event last month, which has been producing a lot of good price action opportunities on the CHF pairs. I am still holding a price action buy trade on the USDCHFÂ actually.
So another bullish trading opportunity has formed on the AUDCHF daily chart here. What’s basically going on is a level, which previously held has stubborn resistance is now being respected as support. This mean value also lives in the same area being rejection – creating a bullish hot spot for buy trades.
The last two candles here have has strong closes above the open prices for the day, so this market looks like it is gearing up for a move into a new swing high. Retracement opportunities may be available during the Asia session.