AUD/CHF chart on Trading View used for analysis
- AUD/CHF extends grind lower along 5-DMA, hits 2-year lows at 0.7130.
- Technical analysis supports bearish bias, we see scope for further weakness.
- Upside remains capped at 5-DMA and major moving averages are sloping downward.
- Momentum studies are highly bearish, RSI biased lower and below 50 levels.
- Price is falling in a downward sloping channel and next major bear target lies at channel base at 0.71 levels.
- On the flipside break above 5-DMA finds next major resistance at 21-EMA at 0.7244.
- Violation at channel top reverses downtrend in the pair.
Support levels - 0.7130 (session low), 0.71 (channel base), 0.7032 (2016 low)
Resistance levels - 0.7169 (5-DMA), 0.7246 (21-EMA), 0.73
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-Trade-Idea-1420997) has hit TP1/2.
Recommendation: Book partial profits. Hold for further weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -146.048 (Bearish), while Hourly CHF Spot Index was at 78.759 (Neutral) at 0945 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
