• FxWirePro: AUD/CHF on track to test major trendline support at 0.7260 , stay short

    Source: FxWire Pro - Technicals / 23 Mar 2018 03:05:35   Eastern Standard Time

    • AUD/CHF extends weakness for 2nd straight week, bias still bearish.
       
    • Antipodeans dampened by risk-off amidst US-China trade wars.
       
    • The pair failed at 21-EMA at 0.7374, and is on track to test major trendline support at 0.7260.
       
    • Technical studies are bearish. RSI below 50 levels. Stochs are biased lower and MACD is well below zero levels.
       
    • Break below major support at 0.7260 will see further weakness. Scope then for test of 0.7148 levels.
       
    • On the flipside, 5-DMA at 0.7331 is immediate resistance. Breakout above 21-EMA invalidates bearish bias.

    Support levels - 0.7266 (Feb 9th low), 0.7260 (trendline), 0.7242 (March 2 low)

    Resistance levels - 0.73, 0.7330 (5-DMA), 0.7365 (21-EMA), 0.74

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-fails-at-21-EMA-at-07374-good-to-go-short-on-rallies-1216493) has hit TP1.

    Recommendation: Bias lower, hold for targets.

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