Oil is testing support
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
AUD/CHF: levels to trade
Information is not investment advice
AUD/CHF formed a higher low on the H1. The pair may be forming something like a “Crab” harmonic pattern. It has support around 0.6543 and may rise to the area between 0.6572 and 0.6582, where it will meet resistance (100-period MA on the H4, the line connecting January 29 and February highs). From that point, the possibility of a correction to the downside will be high.
At the same time, if the market sentiment improves and AUD/CHF breaks above 0.6592, an inverted “Head and Shoulders” pattern will form and the price will head towards 0.6678 (50% retracement of the December-February decline) and 0.6655 (200-period MA).
Elizabeth Belugina
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