FX.co ★ AUD/CHF bears are in control

AUD/CHF formed an extremely strong support around 0.7150, where it bounced off for at least 5 times. This support was broken on June 8 confirming bearish sentiment. Currently, the pair is testing the previous key support, which is now acting as a resistance.

Price rejected the 200 Moving Average for 3 times that should result in a further decline. At the same time, the downtrend trendline has been also rejected, confirming the downtrend.

Consider selling AUD/CHF around 0.7150 targeting 161.8% Fibonacci retracement level applied to a low reached on May 29 and a high hit on June 3. Only a break above R1 (0.7186) could push the pair higher to test R3 (0.7228) level.

Support: 0.7149, 0.7052

Resistance: 0.7186, 1.7209, 0.7227