Weekly Technical Outlook: AUD/CHF;Market Forecasts for November 2nd – November 6th

• Resistance level   0.7144
• Pivot Level  0.7070
• Support Level  0.6964, 0.6928, and 0.6893

Technical Analysis

AUD/CHF remains bearish with 0.7144 minor resistances intact. A deeper decline is still expected for the pair as long as resistances holds the area. The price action stays below resistances so far at this point, such decline is viewed as a correction. Thus, we’d expect the strong resistance to remain bearish with a break at 0.7070 indicating that a near term bearish reversal has taken place. The outlook turns to continue the downside bias with price action signaling two bar rejection. Currently placed below trend line, there is clear indication of trend reversal shifting the momentum.

Meanwhile, current development suggest that the medium term downside is expected further low and focus shall be at 0.6994. A break here should make lower lows with 0.6928 and later to 0.6893 levels. However break of resistance level at 0.7144 will dampen our bearish view on the pair and look to an upward bias.

Outlook remains bearish for the week.

Economic

• AIG Performance of MFG Index, TD securities Inflation
• RBA Rate Statement, RBA Interest Rate Decision, Imports and Exports with Trade Balance
• RBA’s Governor Glenn Stevens Speech, Deputy Governor Lowe Speech
• Real Retails Sales for the Swiss
• SECO Consumer Climate

Area of Interest

• Strong support at 1.5137 area and rebound on the trend line.
• Back to Back two bar reversal with bullish movement strongly on the support area.
• Price action closed above support level and rebound on trend line indicating shift in momentum.
• At Flip Area on Daily time frame supporting levels.

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