AUDCHF has broken through the ascending support turn resistance trendline signifying a bearish movement. Prices had bounced off the swing high resistance in line with the 88.6% Fibonacci retracement . We can now see that price is moving towards the 1st support in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension . Our bearish bias is further supported by the price holding below the EMA .
Trading Recommendation
Entry: 0.67827
Reason for Entry:
88.0% Fibonacci retracement
Take Profit: 0.66759
Reason for Take Profit:
23.6% Fibonacci retracement and 78.6% Fibonacci extension.
Stop Loss: 0.68438
Reason for Stop Loss:
127.2% Fibonacci retracement and -0.272% Fibonacci extension
