Daily Forex Analysis: AUD/CHF Gaps Higher

AUD/CHF (0.8530)

The AUD/CHF has gapped up higher. We see key technical resistance now at 0.8535 then a little further up at 0.8545. Looks like we bumped into 0.8535 right now, and formed a bearish engulfing candlestick. A break higher targets 0.8580 then 0.8640.

A fall back below 0.8355 tests channel support at 0.8352/50. Unless we fall below the channel support, we remain quite bullish. A daily close below that level targets 0.83 and lower.