AUDCHF facing bearish pressure, potential for further downside!

AUDCHF facing bearish pressure, potential for further downside! for FOREXCOM:AUDCHF by FXCM

AUDCHF facing bearish pressure, potential for further downside!



AUDCHF is facing bearish pressure from descending trend line resistance. It might pullback from 1st resistance which is in line with 50% Fibonacci retracement and 100% Fibonacci extension . Prices might push down towards the 1st support level which coincides with -68% Fibonacci retracement and 100% Fibonacci extension . If prices increase and break through the descending trendline, prices might push up to 2nd resistance which coincides with 61.8% Fibonacci retracement and 100% Fibonacci extension . Prices is also below the EMA , showing a bearish pressure for prices.

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