AUDCHF facing bearish pressure, potential for more downside!

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Prices are facing bearish pressure from horizontal swing high resistance which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push down towards 1st support which coincides with horizontal swing low support which is in line with 50% Fibonacci retracement. If prices push up further, prices might face resistance from swing high resistance which is in line with 50% Fibonacci extension and 161.8% Fibonacci retracement. Stochastics is facing resistance from 92.64, potential for bounce.

Trading Recommendation

Entry: 0.71397

Reason for Entry:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 0.70976

Reason for Take Profit:

Horizontal swing low support, 50% Fibonacci retracement

Stop Loss: 0.71646

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci extension, 161.8% FIbonacci extension

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

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