AUDCHF aiming for 0.6000 at least

AUDCHF has been trading inside a Channel Down since the February 2021 peak, so essentially for exactly 1 year. The 1W MA50 (blue trend-line) has been the Resistance for the better part of this Channel.

The whole price action since the COVID crash market bottom is similar to the 2011/2012 period, where the pair also formed a Channel Down following a market crash. The Channel Down broke and the price hit the 0.618 and 0.786 Fibonacci retracement levels successively before a (rather minor) rebound. A repeat of that means that we should be targeting 0.6080 and 0.5795 respectively.



--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------