Similarly to the AUDCAD set up, AUDCHF has changed cycle on the Daily chart. The moving averages have crossed bearish and the market looks set to re-test the averages and key 61.8 fib retracement.
If we see bearish price action here we can look for further short trades in line with trend.
Currency Pair: AUD.CHF
Time Frame: Weekly, Daily & 4hr
Predicted Direction: Short
AUD.CHF updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
AUDCHF is approaching our first resistance at 0.7235 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 0.7165 (horizontal swing low support, 38.2% Fibonacci retracement).
Stochastics (34,5,3) is also approaching resistance and we might ...
AUDCHF is approaching its support at 0.7197(100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7263 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.2% where a corresponding bounce could occur.
AUDCHF looking good. Expecting this to move up soon.
before it goes back down
See previous analysis
SUPPORT THE MOVEMENT WITH YOUR LIKES,
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The Australian Dollar vs. the Swiss Franc pair is usually used as a carry trade. Swiss Franc is considered as a safe currency during unstable economic times and the Australian Dollar is a more responsive one to global economic conditions. AUD CHF pair is often used as a measuring stick for the global economic performance.
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