- AUD/CHF is trading in a rising Wedge pattern on weekly charts and price action is currently hovering around Wedge base.
- The pair is struggling to break below Wedge Base support at 0.7350. We see weakness only on break below.
- Technical studies are bearish. Price action is below cloud and major EMAs.
- The pair trades with bearish bias on the weekly charts, extends weakness for 4th consecutive week.
- We see spinning top formation at lows in the previous weeks’ candle which adds shows indecision.
- Break below Wedge base support could see test of 0.7020 levels (61.8% Fib).
- The pair has broken above 5-DMA, but is struggling to hold onto gains. We see bearish invalidation above 200-DMA.
Support levels - 0.7349 (5-DMA), 0.7250 (Wedge base), 0.7150 (50% Fib retrace of 0.6533 to 0.7806 rally)
Resistance levels - 0.74, 0.7467 (5W-SMA), 0.7505 (20-DMA)
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
