• AUDCHF reversed from support area
• Further gains likely toward 0.6753

AUDCHF recently reversed up from the support area lying between the long-term support level 0.6535 (former yearly low from the middle of 2015), lower weekly Bollinger Band, the support level 0.6620 (which stopped the sharp downward impulse in January) and the support trendline of the weekly down channel from 2017. The upward reversal from this support area created the weekly Japanese candlesticks reversal pattern Bullish Engulfing. With the moderately bullish AUD sentiment seen across the markets and the strengthening bearish sentiment affecting the Swiss Franc, AUDCHF is likely to extend its gains in the active short-term correction (iv) toward the next key resistance level 0.6753 (former strong support from June).