FX.co ★ AUDCHF bearish continuation

Price is holding below the 100period MA signifying an overall bearish momentum. Price is expected to rally downwards to the 1st support level in line with the 23.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish bias is also supported by the stochastic indicator where the K% line bounced away from the resistance level and showed a downward movement.

Trading Recommendation

Entry: current price

Reason for Entry: 23.6% Fibonacci retracement

Take Profit: 0.65793

Reason for Take Profit: 23.6% Fibonacci retracement, 61.8% Fibonacci extension

Stop Loss: 0.66728

Reason for Stop Loss: 100% Fibonacci extension and 61.% Fibonacci retracement.