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FxWirePro: AUD/CHF slips below 100W SMA at 0.7467, break below 0.74 to see further weakness

  • 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

 

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