Clear downtrend has appeared on AUD/CHF where the rate is moving within the descending channel.
The price broke through a major support area near 0.71, fell lower and retraced back to the same level of R2 (0.7092).
Currently, AUD/CHF has found a resistance at the midline of the descending channel that is near R1 (0.7042). The pair should be ready to fall very shortly providing an excellent opportunity to go with the flow.
Consider selling AUD/CHF near R1 targeting S1 (0.6893) area that is 261.8% Fibonacci retracement level of the 07.05 low and 14.05 low. The stop loss could be placed just above the R2.
Support: 0.6893
Resistance: 0.7042, 0.7095
