AUDCHF Breaks Down Through Key Support
Fri 13th October 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- EURCHF (Covered In Video)
- USDCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| AUDCHF (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.5750 | ||
| Entry Price | If Alert level is tested: Sell Stop Order below circa 0.5740 | ||
| Stop Loss (Min) | 0.5770 | -30 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.5625 | +115 Pips | 1 : 3.8 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
CHF remains on the live forex strength vs weakness tables as a strong currency.
AUD has switched from the strong side of the tables to the weak side suggesting AUDCHF could continue lower.
AUDCHF weekly (W1) chart is moving into a primary phase in a downward trend, which should offer us some short opportunities.
Moving down to the H4 chart we can see price has breached a trend line support which formed by the lows on Thursday 17th August.
This adds further confluence to price moving lower again.
Price has also broken down through key horizontal support on the H4 chart of 0.5750.
If price retests this level we could look for short selling opportunities down to the key Weekly (W1) lows of 0.5625.
Primary Focus Pair Chart:
Technical Observations:
- CHF is S2 on the day traders table.
- AUDCHF has broken down through key trend line support.
- Sellers could be targeting key swing lows of 0.5625.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
