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AUD/CHF Potential Downward Movement

AUD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.6801, 0.6895, 0.6900

Key Support Levels: 0.6712, 0.6652, 0.6600

Daily Chart:

The price on the higher time frame is in a clear downward movement where it is posting lower lows and highs. It succeeded to break a strong support (now resistance) around the 0.6801 USD mark where it posted a shooting star candle below. We expect further movement to the downside in the coming hours.

AUD/CHF Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bearish flag formation to the downside after it posted a double top near the strong resistance. This led to a move downward in the same direction of the main trend. We are waiting for the higher correction to the highlighted zone before a new move to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 0.6752

TP 1 @ 0.6713

TP 2 @ 0.6652

Stop Loss @ 0.6765

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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