FX.co ★ AUDCHF facing bearish pressure, potential for further downside!

Prices are facing bearish pressure from descending trendline resistance, horizontal swing high resistance, 100% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push down towards horizontal swing low support in line with 127.2% Fibonacci extension and 161.8% Fibonacci retracement. If prices were to push up further, prices might face resistance from 161.8% Fibonacci extension and 78.6% Fibonacci retracement fibonacci confluence zone. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.69290

Reason for Entry:

Descending trendline resistance, horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement

Take Profit: 0.69059

Reason for Take Profit:

Horizontal swing low support, 127.2% Fibonacci extension, 161.8% Fibonacci retracement

Stop Loss: 0.69434

Reason for Stop Loss:

161.8% Fibonacci extension, 78.6% Fibonacci retracement