$AUDCHF: Trading Tip 27/Jan

Quite an interesting daily chart for a forex pair. $AUDCHF two years daily forms a steady ascending triangle formation, indicating slow and steady pick up in the Aussie Dollar over the Swiss Franc. A break upwards in next two to three months is on the cards given the fundamentals remain supportive as the technicals suggest. Lots of interim small and large cup and handle formation can be identified.

A closer look, to assess more near-term view on 4H chart shows a zoomed most recent cup and handle formation in completion. Although reduced volumes at present, at current price buyers are likely to enter taking the pair further upwards from current level of 0.7533, towards 0.764 handle and possibly above. Consolidation remains intact upwards.

Steady range-bound RSI indicates steady interest/action for the currency pair over reasonably long-term time frame. A buy-trade at current price with a sell target around 0.76 should be a profitable long trade.


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