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
Stay short on upticks, SL: 0.7175, TP: 0.71/ 0.7035
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
Stay short on upticks, SL: 0.7175, TP: 0.71/ 0.7035
Note
Approaching final targets.Scope for further weakness. Weekly charts support downside. Pair eyes 61.8% Fib.
Note
All targets hit. Close below 61.8% Fib to see further weakness.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.