Analyzing AUD/CHF: potential continuation of bullish momentum from 0.58232

December 20, 2023 08:54 AM PST | By Invezz

Analyzing AUD/CHF: potential continuation of bullish momentum from 0.58232 — Image source: Invezz

AUD/CHF trading strategy

Buy/sell asset: Buy AUD/CHF
Entry price: 0.58232
Stop loss: 0.57936
Leverage: 1x
Take profit 1: 0.58500
Take profit 2: 0.58900
Take profit 3: 0.59272
Timeframe: 1-2 weeks
Maximum profit: 1.8%
Maximum loss: 0.4%

AUD/CHF chart and technical analysis

The Australian dollar is recovering against the Swiss Franc and the price is making gains by making higher highs. The price is making higher highs after it made a double bottom at 0.56186 and will possibly remain bullish in the coming weeks and months.

The price will probably break the 0.58600 major resistance level after retesting the 0.58232 support level. The market structure is also bullish as the price created major support around the 0.58232 area.

I will wait for the price to retrace to the 0.58232 support level before entering for a long entry. There is also a bullish order block around the 0.58232 level, which further solidifies my bullish bias.

AUD/CHF fundamental analysis

Fundamentally, the price will likely remain calm as there is no major high-impact news on AUD and CHF, however, there is some high-impact news on the USD this week like jobless data. If the the data turns out positive for the USD, the price of AUDCHF will drop and if the data turns out negative for the USD the price of AUDCHF will go up.

AUD to CHF trade idea takeaways

AUD/CHF will likely continue its bullish momentum from the 0.58232 support level
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.7.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post Analyzing AUD/CHF: potential continuation of bullish momentum from 0.58232 appeared first on Invezz

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