GBPCHF & AUDCHF Looking at Long-Term Resistance

Welcome to this week’s Market Blast Technicals where we will look at AUDCHF, Silver (XAGUSD), NZDUSD, and GBPCHF.

It was easy to spot resistance this morning on GBPCHF on the 4-Hour chart and we see what might be an ascending triangle forming.

Also, if we zoom out to the Daily chart we see that the current price of 1.217 is a key level and if we look at out post-COVID Fibonacci we see that we are at the 61.8% level.

If we break above we have a long way to go.

If we break below, watch out for support but either way, we have some good opportunities here.

Last week we looked at NZDUSD on the Weekly chart and, as we thought, price broke resistance from almost 2 years ago and is at a key level from 4 years ago.

We are continuing to watch Silver on the Daily chart and price action is consolidating but short-term bearish action may see price fall to support at around $22.70.

As well, we can see the Fibonacci support near the same price at the 38.2% level.

We saw Swiss franc weakness earlier and looking at AUDCHF we see this ascending triangle and price action at resistance.

If we zoom out to the Daily chart we see resistance from June of this year so we may have some room to move if you are long on AUDCHF.

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That’s all for now.  Happy trading with Valutrades and we will see you next week.

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