Possible another support test at 0.7270
Since the end of February, a regular sale of AUDCHF has been ongoing. As a result of this movement, price dropped from a peak of 0.7735 to a key support of 0.7270. Last Friday there were gains after the key support 0.7270 test. Earlier sell-of, however, was strong enough that it seems that support could at least be tested again.
10 months of defense of support
Support at 0.7270 remains undefeated since July 2016. Since then, this level has been tested several times, but demand was here always stronger. If also this time the demand wins this battle, the closest resistance is located at the levels: 0.7400, 0.7500, 0.7630. Bullish reflection is currently the main scenario.
Alternatively, if after the next test of 0.7270 supply will win, the next support is at 0.7050. Although the sell of in such a case could be much deeper than the indicated level.
