slindstr

AUDCHF Short for the week

Short
FX:AUDCHF   Australian Dollar / Swiss Franc
The Aussie Dollar continues to be very weak and the Swiss Franc continues to be strong.

4 Hour Chart:

Current Price: 0.7937
Resistance: 0.8028, 0.8129
Support: 0.7922, 0.7824

The latest bar on the 4 hour shows a solid sell off because of the small wick and large body. The last 4 bars were bearish (though one was close to being a doji , possibly related to news) and I'd expect this to continue because RSI (14, 20, 80) shows we're not oversold and the last bar on the hourly chart was a solid move down. I'd wait for things to break through support and retest the support-turned-resistance before getting short.

1 Hour Chart:

Current Price: 0.7937
Resistance: 0.7944, 0.7961
Support: 0.7824

The downward trend continues. We saw a minor retracement with a peak at 0.7971, though our highest close was 0.7962. RSI (14, 20, 80) shows us getting closer to oversold territory so again, I'd wait for things to break through support and wait for the retest to enter.