AUD/CHF short setup
AUD/CHF retraced brief dip below 200-DMA at 0.7484 on Monday's trade.
However, recovery attempts on the day were rejected at session highs at 0.7529.
The pair has slipped lower to currently trade unchanged at 0.7503 level.
Momentum studies are bearish, break below 200-DMA will see test of channel base at 0.7375 levels.
On weekly charts the pair has slipped below 20-SMA and RSI and Stochs are biased lower.
Support levels - 0.7486 (200-DMA), 0.7420 (50% Fib retrace of 0.7032 to 0.7807 rally), 0.7375 (trendline)
Resistance levels - 0.7516 (cloud base), 0.7548 (5-DMA), 0.76, 0.7624 (23.6% Fib)
Good to go short on rallies around 0.7510, SL: 0.7555, TP: 0.7420/ 0.7375
However, recovery attempts on the day were rejected at session highs at 0.7529.
The pair has slipped lower to currently trade unchanged at 0.7503 level.
Momentum studies are bearish, break below 200-DMA will see test of channel base at 0.7375 levels.
On weekly charts the pair has slipped below 20-SMA and RSI and Stochs are biased lower.
Support levels - 0.7486 (200-DMA), 0.7420 (50% Fib retrace of 0.7032 to 0.7807 rally), 0.7375 (trendline)
Resistance levels - 0.7516 (cloud base), 0.7548 (5-DMA), 0.76, 0.7624 (23.6% Fib)
Good to go short on rallies around 0.7510, SL: 0.7555, TP: 0.7420/ 0.7375
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