AUDCHF over two years has been moving north forming an upward triangle, whose upper limit 0.7750 coincides with the 38.2% retracement of the previous downward movement and 61.6% of the Fibonacci correction from the last downward impulse and downtrend line.
After precise testing and rejection of this zone there were declines as a result of which market beat the uptrend line and broke bottom of triangle formation. Although technically such a breakthrough could open the way to further declines in a much wider time horizon, in this case drops did not last too long and as a result of lasting since the beginning of June this year growth pair is in area of the downward trend line and lower limitation of the triangle formation. Rejection of this confluence of resistance could open the way to further declines.
Looking at H4 chart it is worth noting how precisely market reached downward trend line, where first supply reaction had occurred. In short term, therefore, it is worth considering PUT option on this instrument.