The AUD/CHF has printed a Bullish Pin Bar on the 0.9600 support zone after yesterday’s price action. Support is seen at this level from the highs in February, as well as October 2012 and beyond. The question is, is this just a pause before heading lower or the beginning of a tru reversal? After falling for 4 days in a row the pair is due for a breather and could possibly retrace to 0.9650 where the Weekly S1 resides, or back up tot he Weekly Pivot at 0.9750 and the lows from mid March. To the downside we see further support at the 0.9500 level where price consolidated in late February, and the Weekly S3 at 0.9457 before hitting the 2013 lows at around 0.9360. This pair has been dancing back and forth between 0.9976 and 0.9350 since October 2012 at least, with a brief hiatus to the upside of 1.0348 last July. I would expect this to continue, at least until either the support at 0.9300 gives way or resistance at 1.000 breaks.
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