Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/CHF breaks below 1H 200-SMA, eyes 20-DMA at 0.7367, stay short

  • AUD/CHF has extended break below hourly cloud, has broken below 1H 200-SMA.
     
  • Technical indicators on daily charts are turning bearish. 5-DMA has turned and Stochs are showing a rollover from overbought levels.
     
  • SNB on Thursday maintained status quo, held rate unchanged at -0.75%, failed to provide any fresh impetus.
     
  • Focus now remains on the Reserve Bank of Australia’s March meeting minutes.
     
  • That said, renewed concerns over a global trade war which would hurt the global economy to keep Franc supported.
     
  • AUD/CHF grinds lower below 5-DMA support, on track to test 20-DMA at 0.7367.
     
  • Bearish divergence from price action on RSI and Stochs adds to bearish bias.

Support levels - 0.7391 (38.2% Fib retrace of 0.7242 to 0.7483 rally), 0.7367 (20-DMA), 0.7334 (61.8% Fib)

Resistance levels - 0.7429 (5-DMA), 0.7462 (50-DMA), 0.75

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-slips-below-hourly-cloud-eyes-1H-200-SMA-at-07395-stay-short-1204275) has hit TP1.

Recommendation: Bias lower, hold for further weakness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.