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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 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.

  • Market Data
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