FX.co ★ AUDCHF facing bearish pressure, potential for further downside!

AUDCHF is facing bearish pressure from descending trendline resistance as well as horizontal overlap resistance in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down towards horizontal swing low support in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 161.8% retracement as well as 161.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.69254

Reason for Entry:

Horizontal overlap resistance, 61.8% Fibonacci retracement, 127.2% Fibonacci extension

Take Profit: 0.68963

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 0.69442

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci retracement, 161.8% Fibonacci extension