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FxWirePro: AUD/CHF plunges over 1.60%, trades below 200-DMA for the 1st time since Oct 2020

AUD/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/CHF was trading 1.60% lower on the day at 0.6807 at around 13:00 GMT

- The pair has breached major support at 200-DMA and is trading below 200-DMA for the 1st time since Oct 2020

- Momentum strongly bearish, Stochs and RSI are sharply lower, RSI well below 50

- Volatility is rising as evidenced by widening Bollinger bands

- GMMA indicator shows major and minor trend are bearish

- MACD shows bearish crossover on signal line, adding to the downside bias

- ADX is rising with -ve DMI dominance, adds to the bearish bias

Support levels - 0.6807 (21-month EMA), 0.67 (Psychological mark), 0.6651 (20-month MA)

Resistance levels - 0.6867 (200-DMA), 0.6903 (5-DMA), 0.6958 (55-EMA)

Summary: Fresh COVID-19 jitters took its toll on the global risk sentiment, weighing on riskier assets like the Aussie and benefitted the safe-haven CHF. 

AUD/CHF plummets over 1.60%, breaches 200-DMA support, further weakness on cards. Scope for test of 20-month MA at 0.6651.
 

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