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FxWirePro: AUD/CHF faces strong resistance at 21 day MA, good to sell on rallies

  • Major support – 0.7305 (55 day EMA).
     
  • Major intraday resistance -0.7390 (21 day MA)
     
  •  The pair has declined once again after jumping till 0.73815. It is currently trading around 0.7455.
     
  • AUD/CHF has declined till 0.7310 and jumped from that level. It has taken support near 55 day EMA and recovered till 0.73815 at the time of writing.
     
  • The intraday trend is still weak as long as resistance 0.7390 holds. Any break above 0.7390 will take the pair to next level till 0.7440/0.7500. Overall bearish invalidation only above 0.7600.
     
  • AUD/CHF has closed well below 21 day MA yesterday. So further break below 0.7300 confirms major weakness, a decline till 0.7250/0.7200 is possible.

It is good to sell on rallies around 0.7350-0.7355 with SL around 0.7390 for the TP of 0.7250/0.7205.

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