Daily Currency Outlook: AUD/USD And EUR/CHF : October 24,2018

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7063; (P) 0.7077; (R1) 0.7099;

AUD/USD recovered ahead of 0.7040 low and intraday bias is turned neutral again. Consolidation from 0.7040 might extends with another recovery. By upside should be limited by 0.7159 resistance to bring fall resumption eventually. on the downside, break of 0.7040 will resume recent down from 0.8135. Next target will be 61.8% projection of 0.7314 to 0.7040 from 0.7159 at 0.6990 and then 100% projection at 0.6885.


In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). On the upside, break of 0.7314 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook stays bearish even in case of strong rebound.


EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1398; (P) 1.1414; (R1) 1.1430;

Intraday bias in EUR/CHF remains neutral at this point. With 1.1392 minor support intact, further rise is mildly in favor in the cross. On the upside, above 1.1501 will extend the rise from 1.1173 to 1.1713 resistance next. However, break of 1.1392 minor support will argue that the rebound has completed and turn bias back to the downside for 1.1154/98 zone again.


In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1234) too. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.


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