- AUD/CHF has broken below major trendline support at 0.75, bias bearish.
- Price action has slipped below 100W SMA at 0.7467, we see further weakness on breach at 0.74 handle.
- The pair has dipped below daily Ichi cloud and 50% Fibo at 0.7571, next bear target lies at 61.8% Fib at 0.7395.
- Momentum studies are bearish, stochs are sharply lower. Weekly RSI seen below 50 levels and biased lower.
- We see -ve DMI dominance and ADX is rising which supports bearish bias.
- Break below 0.74 handle sees scope for test of 0.7285 (78.6% Fib).
- On the flipside, 200-DMA at 0.7532 is major resistance, bearish invalidation on break above.
Support levels - 0.7417 (Dec 1 low), 0.7395 (61.8% Fib retrace - 0.7146 to 0.7797), 0.7285 (78.6% Fib)
Resistance levels - 0.75 (Wedge base), 0.7532 (200-DMA), 0.7548 (38.2% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-slips-below-daily-cloud-momentum-bearish-short-break-below-07515-1124320) has hit TP1/2.
Recommendation: Book partial profits at lows, trail stop loss to 0.7535, stay short. Target 0.73 levels.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
