The Australian dollar to Swiss franc (AUDCHF) has been on the consolidation path since the beginning of this month. As can be seen in the daily chart, in a downward trend, the quotations have dropped to 0.6507, with a minimum of bullish pin bar.
However, the upward movement in this pin bar was not very impressive and the price reached a resistance of 0.6655. This level is now the upper limit of the range. (blue arrow)
The trading movement in the range is best illustrated by the 4-hour chart, where, as you can see, buyers are attacking the zone for the third time within 0.6655. Resistance was maintained at Friday's close and can therefore be considered as still valid.
However, after the last rebound from resistance, the price created a higher hole, indicating a weakening among the sellers. An effective rebound of 0.6655 would give a chance for a deeper, nearly 100-pipes correction of the general downward trend to the area of 0.6750, where the June minima were located.
However, the upward movement in this pin bar was not very impressive and the price reached a resistance of 0.6655. This level is now the upper limit of the range. (blue arrow)
The trading movement in the range is best illustrated by the 4-hour chart, where, as you can see, buyers are attacking the zone for the third time within 0.6655. Resistance was maintained at Friday's close and can therefore be considered as still valid.
However, after the last rebound from resistance, the price created a higher hole, indicating a weakening among the sellers. An effective rebound of 0.6655 would give a chance for a deeper, nearly 100-pipes correction of the general downward trend to the area of 0.6750, where the June minima were located.