FX.co ★ AUDCHF facing bearish pressure

AUDCHF has broken through the ascending support turn resistance trendline signifying a bearish movement. Prices had bounced off the swing high resistance in line with the 88.6% Fibonacci retracement . We can now see that price is moving towards the 1st support in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension . Our bearish bias is further supported by the price holding below the EMA .

Trading Recommendation

Entry: 0.67827

Reason for Entry:

88.0% Fibonacci retracement

Take Profit: 0.66759

Reason for Take Profit:

23.6% Fibonacci retracement and 78.6% Fibonacci extension.

Stop Loss: 0.68438

Reason for Stop Loss:

127.2% Fibonacci retracement and -0.272% Fibonacci extension