FxWirePro: AUD/CHF breaks below 200-dma, good to go short on rallies
Source: FxWire Pro - Technicals / 20 Nov 2017 06:53:49 Eastern Standard Time
FxWirePro's Hourly Currency Strength Index for AUD/CHF at 1100 GMT: Bearish
FxWirePro's Hourly AUD Spot Index was at -136.905: (Bearish)
FxWirePro's Hourly CHF Spot Index was at 70.1375: (Bullish)
Technical Analysis: Bias Bearish
- Price action has broken below 200-DMA at 0.7546 and 23.6% Fib at 0.75.
- Technical studies are bearish on daily, weekly and monthly charts.
- 5 and 20 DMA on daily charts are sharply lower, MACD supports downtrend.
- We see -ve DMI dominance and ADX supports trend, is above 25 levels and rising.
Support levels - 0.7475 (Mar 27 low), 0.7565 (July 24 low), 0.74, 0.7320 (38.2% Fib retrace of 0.65334 to 0.78069 rally)
Resistance levels - 0.75 (converged 5-DMA and 23.6% Fib), 0.7546 (200-DMA), 0.7617 (20-DMA)
Recommendation: Good to go short on rallies around 0.75, SL: 0.7575, TP: 0.7475/ 0.74/ 0.7320.
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