Friday, June 5, 2015

AUDCHF Buy Recommendation June 5th 2015

Currency Pair: AUDCHF
Timeframe: Hourly Chart (H1)
Recommendation: Buy AUDCHF @ 0.7170
Take Profit @ 0.7300
Stop Loss @ 0.7120


The AUDCHF has sold off as the Swiss Franc rallied, but I think the tide is turning and that we will see a reversal. With today's NFP report on the horizon I will stay clear of the non-sense surrounding the aftermath of the release and stick technical trades.

For now it looks like the support level will hold and the AUDCHF may be in for a short-covering rally which can propel this currency pair back into resistance. Overall I think we will see a strong er AUDCHF this month which is why I took my long position a few moments ago.

 PaxForex

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