AUDCHF Weekly Technical Analysis Update

Midterm forecast:
. While the price is above the support 0.6435, resumption of uptrend is expected.
. We make sure when the resistance at 0.6815 breaks.
. If the support at 0.6435 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
. The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
. While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 0.6625 on 07/15/2020, so more losses minimum to Major Support (0.6435) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index (RSI) is 53.

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