AUDCHF facing bearish pressure, potential for more downside!

Price is below the 1st resistance at 0.68887 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension. Price could possibly be forming the last leg of what is a possible double top pattern. It could potentially bearish from 1st resistance at 0.68887 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension to 1st support at 0.68312 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish bias is further supported by how Price is holding below the EMA and RSI is abiding to a descending trendline. Otherwise price may continue to bullish to 2nd resistance at 0.69311 in line with Horizontal swing high and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 0.68887

Reason for Entry:

61.8% Fibonacci retracement and 50% Fibonacci extension

Take Profit: 0.68312

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 0.69311

Reason for Stop Loss:

Horizontal swing high and 78.6% Fibonacci extension.

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX