AUDCHF closes lower for the 3rd day in a row


Australian Dollar/Swiss Franc (AUDCHF) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team

Highlights

AUDCHF breaks below key technical support level
AUDCHF falls to lowest close since September 2, 2019
AUDCHF closes lower for the 3rd day in a row
AUDCHF breaks below Tuesday's low

Overview

Moving lower for the 3rd day in a row, AUDCHF finished Wednesday at 0.6658 losing 20 pips (-0.3%). Today's close at 0.6658 marks the lowest recorded closing price since September 2, 2019. Closing below Tuesday's low at 0.6668, the market confirmed its breakout through the prior session low after trading up to 36 pips below it intraday.

Daily Candlestick Chart (AUDCHF as at Jan 15, 2020):

Daily technical analysis candlestick chart for Australian Dollar/Swiss Franc (AUDCHF) as at Jan 15, 2020

Wednesday's trading range has been 49 pips (0.73%), that's slightly above the last trading month's daily average range of 45 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AUDCHF.

Prices broke below the key technical support level at 0.6660 (now R1), which is likely to act as resistance going forward. The last time this happened on Monday, AUDCHF lost -0.36% on the following trading day.

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Selling might accelerate should prices move below the close-by swing low at 0.6622 where further sell stops could get triggered.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Its common bearish interpretation has been confirmed for AUD/CHF. Out of 391 times, AUDCHF closed lower 50.64% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.73% with an average market move of -0.29%.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are EURUSD gaining 0.21% and GBPUSD closing 0.15% higher. On the flipside the worst performers have been USDCHF closing -0.35% lower and USDCAD losing -0.15%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been CHFHKD surging 0.28% and CHFZAR closing 0.26% higher. The worst performers of the day have been USDCZK tanking -0.49% and NZDCHF closing -0.31% lower. Read more


Market Conditions for AUDCHF as at Jan 15, 2020

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