AUD/CHF Is Still Bearish As The Price Is Capped Below 0.6590

Dear Traders,

The AUD/CHF got the overbought signal while in downtrend. We might expect a further drop in the AUD currency.

The pair is having a retracement within thr 0.6545-60 zone. Sellers might take control again on the bearish candlestick pattern. A rejection off the zone should target 0.6520 and 0.6490. If the price goes below 0.6490 then bearish continuation towards 0.6439 is possible. The scenario is valid as long sa the price is below 0.6590. Have in mind that the AUD/CHF market is slower as it shows only 55 pips of the ATR(5) and it might take a while for the price move to develop.

The Analysis has been done with the CAMMACD.Core and Sit Systems