Technical analysis of AUD/CHF for December 14, 2016

AUD/CHF formed a double top near 0.7620 and started to move lower breaking below the 50 Moving Average. Today the pair rejected the 50 Moving Average and could be ready to move lower.

Fibonacci applied to the corrective wave where 50MA was rejected shows potential downside targets. Consider selling AUD/CHF at the current rate (0.7588) targeting 161.8% (0.7550), 261.8% (0.7520) or 361.8% (0.7495) Fibonacci retracement level. Suggested stop loss is 0.7616.

Support: 0.7566, 0.7550, 0.7521, 0.7494

Resistance: 0.7594, 0.7620

The material has been provided by InstaForex Company - www.instaforex.com

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