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MENAFN- Daily Forex) Potential signal:
I'm a buyer of this pair above the 0.5864 level, with a stop loss at the 0.5825 level. I would be aiming for the 0.60 level above.
In my daily analysis of minor currency pairs, one of the ones that has caught my attention more than anything else is the AUD/CHF pair. There are a multitude of reasons why watch this pair, not the least of which would be that it is such a major indicator on risk appetite, becomes the Australian dollar of course is considered to be a“risk on currency”, while the Swiss franc is considered to be a“risk off currency.”
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The technical analysis for this market is somewhat bullish, but we do have to deal with the 200 Day EMA, which of course is just above. The 200 Day EMA is an indicator that has been followed quite closely for some time, and a lot of people will look at it as a sign of the overall direction. If we were to break above there, then that would obviously be very bullish, opening up the possibility of a move to the 0.59 level, perhaps the 0.60 level after that.
If we do pull back from here, I think there's plenty of support underneath, near the 0.5765 level, which also features the 50 Day EMA, an indicator that a lot of people pay close attention to as well. All things being equal, I think a short-term pullback is more likely than not going to end up offering a little bit of value the people will be willing to take advantage of. If we were to break down below the 50 Day EMA, then the market could find itself spiraling, perhaps reaching down to the 0.5650 level, and with that, we would also probably see more of a“risk off move” around the currency markets, perhaps as well in the stock markets and others at the same time.
That being said, I do think that the upward momentum certainly looks good, and therefore I think we've got quite a few value hunters willing to come in and pick up this market if it does in fact drop from here.
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