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Technical Check: EURCHF, AUDCHF and GBPCHF

By:
Anil Panchal
Published: Nov 6, 2015, 16:46 UTC

EURCHF With the short-term descending trend-channel supporting EURCHF downside, the pair becomes more likely to test the 1.0750-40 important support

Technical Check: EURCHF, AUDCHF and GBPCHF

EURCHF

Technical Check: EURCHF, AUDCHF and GBPCHF
Technical Check: EURCHF, AUDCHF and GBPCHF

With the short-term descending trend-channel supporting EURCHF downside, the pair becomes more likely to test the 1.0750-40 important support confluence, encompassing 38.2% Fibonacci Retracement of its May – September advance, 100-day SMA and the lower line of the mentioned channel. However, the pair’s break of 1.0740 on a closing basis can trigger its quick decline towards 50% Fibo level, around 1.0660, breaking which 1.0570, the 61.8% Fibo, is likely an intermediate support for the pair before it could test the 1.0500 multiple support area. On the upside, 1.0850 and 1.0870, including 23.6% Fibo, are likely immediate resistances for the pair before it could test the 1.0900 round figure mark, also comprising 50-day SMA and the channel resistance. Should the pair manage to surpass 1.0900 on a closing basis, chances of its 1.0950 and the 1.1000 psychological level can’t be denied.

AUDCHF

audchf

Ever since the AUDCHF reversed from its August lows, the pair kept on marking the higher highs in a gradual manner; however, short-term “Rising-Wedge” resistance, that also includes 200-day SMA presently, around 0.7190 – 0.7200 area, can keep limiting the pair’s up-move. Given the pair’s pullback from the current levels, 0.7050 and the 38.2% Fibonacci Retracement Level of its March – August downside, at 0.7000 round figure mark, are likely immediate support levels that the pair could test. Moreover, a dip below 0.7000 can fetch the pair to the mentioned bearish formation support, near 0.6970, breaking which the pair becomes vulnerable to plunge towards 23.6% Fibo, near 0.6830 prior to targeting the 0.6700 mark. Alternatively, an upside break above 0.7200 on a closing basis can immediately propel the pair towards 0.7300 mark, surpassing which 0.7350 and the 76.4% Fibo, near 0.7450, are expected upside levels that the pair can aim for.

GBPCHF

gbpchf

Inability to surpass a year old descending trend-line resistance, also encompassing the upper-line of short-term ascending trend-channel, seems pulling the GBPCHF towards important support confluence, including 50-day and 100-day SMA together with the channel support, near to 1.4915 – 1.4900 area. If the pair break the 1.4900 on a closing basis, it could immediately drop to 1.4670 mark, comprising 76.4% Fibo of its January plunge. On a further downside below 1.4670, the pair can test 1.4500 round figure mark prior to test the 1.4250 support level. Meanwhile, a bounce from the important support, which is more likely, can have 1.5100 and the 1.5200 as consecutive resistances before witnessing the 1.5350-70 important resistance area, encompassing the channel upper-line and the descending trend-line. Given the pair’s ability to surpass 1.5370, it becomes capable enough to target the 1.5550 mark, near to January highs.

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About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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