The AUD/CHF tested the 61.8% retracement level last week for the Bullish run up from 0.9125 on May 13 to 1.03477achieved in July. The pair looks bearish on the daily chart, but considering that a Bullish Pin Bar has printed on the Weekly chart at a key Fibo level, a level that has held as support and resistance going back as far as 1998, this could be the beginning, or continuation depending on how you look at it, of higher prices to come. There is also the Monthly S1 acting as support at 0.9660, making a strong argument for the bulls in the bigger picture. The daily chart however is showing a possible bearish pattern for the immediate future. Price wicked as high as 0.9798, piercing the 61.8% retracement level of last weeks range. What we could see is prices fall and re-test the 0.9660/9700 level before climbing and making a new week high. From a daily perspective, additional support levels are 0.9719, 0.9668 + 0.9647 with Resistance above at 0.9759, 0.9792 + 0.9831 which are split by the Weekly R1 at 0.9809. In order to confirm a Bullish trend look for prices to close above 0.9800, but in keeping with the overall trend, a Bearish close below 0.9700 will likely mean a stronger Bearish push downward and see price head for 0.9650 again.
Happy Trading