Great space to watch - what will AUDCHF do this week?
AUDCHF is now squeezed between a very strong descending long term channel (very well visible on weekly) AND the MA200, which co-exists with a strong support area (grey rectangle).
Given weekly channel is quite strong and there is no sign of break out at the moment + RSI looks to be bearish, I see chances of decline to bottom of channel higher than a break-out to the bullish side. So I am more bearish than bullish, but not enough reason to trade yet!
But great space to watch in coming week. What will happen? Get ready!
Let's see!
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Given weekly channel is quite strong and there is no sign of break out at the moment + RSI looks to be bearish, I see chances of decline to bottom of channel higher than a break-out to the bullish side. So I am more bearish than bullish, but not enough reason to trade yet!
But great space to watch in coming week. What will happen? Get ready!
Let's see!
***If you find this analysis use full, pleas click like. If you have comments please do!!!***
Comment:
Set up is still holding! Ready for the inevitable move, likely downwards. If it breaks (and ideally retests) the support area I would go short.