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FxWirePro: AUD/CHF Daily Outlook

AUD/CHF chart - Trading View 

  • AUD/CHF trades 0.13% lower on the day at 0.7072 at 0500 GMT.
     
  • Major trend in the pair is bearish. Recovery attempts capped below 110-W EMA.
     
  • Price action has dipped into daily cloud and there is scope for further weakness.
     
  • Technical indicators on the daily charts are bearishly aligned. RSI has dipped below 50 and is biased lower.
     
  • The pair is holding support at strong horizontal trendline at 0.7050. Break below will confirm further weakness.
     
  • On the upside, immediate resistance is seen at 5-DMA at 0.7090. Break above 100-DMA could see short-term bullishness.

Support levels - 0.7050 (trendline), 0.7027 (cloud base), 0.6969 (Oct 11 low)

Resistance levels - 0.7090 (5-DMA), 0.7109 (21-EMA), 0.7141 (100-DMA)

Recommendation: Watch out for break below 0.7050 to go short.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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