FX.co ★ AUDCHF facing descending trend line resistance, potential for further drop

AUDCHF is seeing strong descending resistance along with a death cross and holding well below our bearish Ichimoku cloud signifying strong bearish momentum. It has broken a recent support-turned-resistance at 0.6661 triggering a drop to 1st support at 0.6392.

Trading Recommendation

Entry: 0.6661

Reason for Entry:

Descending trend line, bearish momentum, overlap resistance

Take Profit: 0.6392

Reason for Take Profit:

Recent overlap support

Stop Loss: 0.6830

Reason for Stop Loss:

Above 23% retracement, above structural resistance, recent swing high