The AUDCHF has been in an up-trend for the last few months which has seen price sky rocket! The best play to enter this market on the daily chart has been to enter long only.
Price now has stalled and has shown the first signs of weakness in a long time. This pair has produced a double top and now rolled over lower to be sitting on support. Yesterdays session produced an inside bar which is showing indecision in the market.
If this pair drops lower we could see price begin a new move lower, however if price can hold at this support and move higher, we would look for the recent double top area to act as resistance.
ADUCHF DAILY CHART – AUG 21 2012
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