- April 13, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: AUD/CHF has been trading in a recovery mode yesterday, today, the pair expected to break low of 0.7100, which suggests that the sellers have stayed in the driver’s seat. Thus, we will adopt a bearish stance for now. The pair is making the bearish lower low movement this time and standing for sell side for the time while. The pair creating downwards positional movement and framed the bearish pair in chart. On the daily chart we can get the overview that pair is formed the downward trend and makes the lower low. The sellers can make their potential movement towards the sell side. The strong downside movement further still can be expected. The ascending channel pattern created on the chart.
Technical analysis: From the technical point of view we can say that market is creating the sell view in the chart. The pair is making downward movement and expectation is more towards the lower side in the market. The pair fined its breakout level at 0.7100 levels and creates the bearish trend from that point. Odds are in favor of the bears and make the bears aggressive towards the south direction in the market. The intraday traders can also move towards selling side in market. As, the major and minor lines are also below the trading pairs and create the bearish view in the market. The pair is taking support from the 50 EMA and expected to move more downside the death crossover also giving strong sell signals. The RSI is also below the 50 level and MACD is also showing bearish view by falling below above zero line. The support of the market is 0.6970 followed by 0.6900 and resistance is 0.7075 followed by 0.7125
Trade idea: Our traders will move towards the buy side at the level 0.7025 targets will be 0.6955-0.6920 and stop loss will be 0.7100.