Technical analysis

AUDCHF Wave Analysis 31 October 2023

– AUDCHF rising inside c-wave

– Likely to rise to resistance level 0.5870

AUDCHF continues to rise inside the c-wave of the active short-term ABC correction ii, which started earlier from the key support level 0.5620 (former strong support from August).

The active ABC correction ii belongs to the higher downward impulse wave 3 from the end of September.

Given the continuation of the Swiss franc sales seen across the FX markets over the last trading sessions, AUDCHF can be expected to rise further toward the next resistance level 0.5870 (target for the completion of the active short-term ABC correction ii).

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