AUDCHF has been rising from lows set near 0.68000 area but the overall trend has been a decline. From the above chart, we note a declining market sentiment and recently a lower high has been formed near the 0.73700 area forming our first reference point for a sell position and we expect a resumption to the lows near 0.6800 area in the medium term.
- AUDCHF sell trade from 0.723000 aiming for closes near 0.69000 area.
- Stops to trade are set initially at 0.73800 area on a weekly close above 0.73800 will close our trade position as prices will likely head much higher if achieved.
Risks to the trade include a resumption of risk-on environment especially in Britain and brexit negotiations, global trade and EU italy crisis which may cause CHF declines. Thur 29/11/2018 0645 GMT CHF GDP data release are data releases to watch for this week.