AUD/CHF on track to test 200-DMA at 0.75, short rallies
AUD/CHF has slumped a massive 1.40% on the day to hit fresh 2-week lows at 0.7568.
The Swiss franc was the top performer on the day, as markets spooked amidst intensifying tensions between US and North Korea.
Technically, we note a 'Bearish Bat Pattern' on AUD/CHF daily charts which combined with bearish divergence has seen downside.
We see scope for further downside. 200-DMA at 0.7502 is next likely bear target.
On the flipside, we see bearish invalidation only on close above 5-DMA at 0.7680.
Support levels - 0.7536 (38.2% Fib 0.7146 to 0.77778 rally), 0.7502 (200-DMA), 0.7465 (July 24 low)
Resistance levels - 0.7617 (20-DMA), 0.7628 (23.6% Fib), 0.7680 (5-DMA), 0.77
Good to go short on rallies around 0.7615/25, SL: 0.7680, TP: 0.7540/ 0.75
The Swiss franc was the top performer on the day, as markets spooked amidst intensifying tensions between US and North Korea.
Technically, we note a 'Bearish Bat Pattern' on AUD/CHF daily charts which combined with bearish divergence has seen downside.
We see scope for further downside. 200-DMA at 0.7502 is next likely bear target.
On the flipside, we see bearish invalidation only on close above 5-DMA at 0.7680.
Support levels - 0.7536 (38.2% Fib 0.7146 to 0.77778 rally), 0.7502 (200-DMA), 0.7465 (July 24 low)
Resistance levels - 0.7617 (20-DMA), 0.7628 (23.6% Fib), 0.7680 (5-DMA), 0.77
Good to go short on rallies around 0.7615/25, SL: 0.7680, TP: 0.7540/ 0.75
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