ForceFollower
Short

AUDCHF H4: Facing Resistance

FX:AUDCHF   Australian Dollar/Swiss Franc
27 0 1
Here are the key points of my chart analysis for AUDCHF:
- Trend. I find the trend down; the ongoing corrective rally is very steep and seems unsustainable. I expect price to move down to one of the support levels, esp             . 0.70.
- Support. I find the key major support at the prior major top (0.698). Minor support: at the 23.6 Fib retracement (0.70).
- Resistance. The rising market has found resistance at prior highs (0.708). Price may find the next resistance at 0.711, and then at prior minor high (0.715). Next, I'd expect another resistance on the dow sloping trend line , just above 0.717.
- Trading opportunites: entry at one of the resistance levels, with a stop-loss order above some prior high, looking to exit at some support with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of 16.02.2016, 11:00 CET):
The strongest currency: JPY (recently weakened and oversold, now strengthening).
The weakest currency: GBP.
The leading markets:
- XAUGBP - trending up;
- XAUUSD             - trending up;
- XAUEUR - trending up;
- XAUNZD             - trending up;
- NZDJPY             - trending down;
- Natural Gas             - trending down.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.

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