Prices are generally bearish on AUDCHF, however, a short term bullish move to the descending trendline resistance is possible. Prices are currently taking support on horizontal swing low support in line with 78.6% Fibonacci extension and 127.2% Fibonacci retracement. Prices might push up towards descending trendline resistance in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. If prices push down further, stop loss is at 161.8% Fibonacci retracement and -27.2% Fibonacci retracement fibonacci confluence area. MACD is also showing a bullish crossover, showing a possible short term bullish in price.
Trading Recommendation
Entry: 0.69253
Reason for Entry:
Horizontal swing low support, 78.6% Fibonacci extension, 127.2% Fibonacci retracement
Take Profit: 0.69720
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 0.68992
Reason for Stop Loss:
161.8% Fibonacci retracement, -27.2% Fibonacci retracement
