AUD/CHF has been moving up since August 2015 until December. Then the sharp drop followed breaking below the uptrend trendline.
The Fibonacci applied to the trendline breakout point shows that while S1 support was broken, R1 resistance is being rejected for the second time. This could be the signal that the price is almost ready to continue the decline.
Consider selling AUD/CHF while it is traded near R1, targeting either S2 or S3 support levels. The stop loss should be just above R2.
Support: 0.7080, 0.6970, 0.6790
Resistance: 0.7170, 0.7260
