AUD/CHF faces strong support at 0.7350, break below targets 0.7245/0.7200
Major support – 0.7350 (trend line joining 0.73460 and 0.73508). Major intraday resistance -0.7400 (200 HMA). The pair has declined once again after jumping till 0.73850. It is currently trading around 0.73586. The intra…
Major support – 0.7350 (trend line joining 0.73460 and 0.73508).
Major intraday resistance -0.7400 (200 HMA).
The pair has declined once again after jumping till 0.73850. It is currently trading around 0.73586.
The intraday trend is still weak as long as resistance 0.7400 holds. Any break above 0.7400 will take the pair to next level till 0.7440/0.7500. Overall bearish invalidation only above 0.7600.
AUD/CHF has closed well below 21 day MA yesterday. So further break below trend line support (0.73500) confirms major weakness, a decline till 0.7250/0.7200 is possible.
On the higher side, the pair has jumped till 7 day EMA at the time of writing and started to decline from that level.
It is good to sell below 0.7350 with SL around 0.7400 for the TP of 0.7250/0.7205.
