- AUD/CHF is in the midst of a sell-off which could extend beyond a 38.2% retracement for a 50% reversion.
- A subsequent pull-back, however, to the resistance and another sell-off will likely make for a high probability set up.
| AUD/CHF is in the midst of a sell-off which could extend beyond a 38.2% retracement of the August lows to September highs, located at 0.6715, and target the 50% retracement at 0.6674 (meeting the 2019 lows) should the markets continue to unravel AUD longs coupled with uncertainties surrounding the health of the global economy.
The price broke below the late June lows and the 23.6% Fibo and in doing so is looking to extend the 2019 downtrend with the price now back below the descending trendline resistance. A subsequent pull-back, however, to the resistance and another sell-off will likely make for a high probability set up to target the 61.8% Fibo in the 0.6630s and lower. |
AUD/CHF daily chart, Sep 2018-Oct 2019 - Click to enlarge |
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Ross Burland, Editor and Analyst, joined FXStreet with 13 years of FX market experience. He worked in top tier banks, specialist corporate advisory firms and on London City trading floors. He was previously a regular market analyst on Bloomberg and CNBC TV.
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