FxWirePro: AUD/CHF Trade Idea

AUD/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/CHF has paused 4 straight sessions of downside at 0.6975, bias remians bearish

- The pair finds strong support at 0.6975 (converged trendline and 50% Fib), break below to resume downside

- Technical studies are highly bearish and recovery lacks traction, price action is extending sideways below 1H 21-EMA resistance

- The pair trades below daily cloud and major moving averages, has retraced break above 200-DMA

- Aussie under pressure as Sino-US trade war shows little signs of de-escalation. Also disappointing business survey data weighs

- Scope for test of 0.69 (61.8% Fib). Bearish invalidation only above 200-DMA

Support levels - 0.6975 (converged trendline and 50% Fib), 0.6958 (Jan 10 low), 0.69 (61.8% Fib)

Resistance levels - 0.7058 (5-DMA), 0.71, 0.7121 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-Trade-Idea-1535504) has alomost hit all targets. 

Recommendation: Stay short on break below 0.6975, SL: 0.7050, TP: 0.69/ 0.6875

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.