AUD/CHF Technical Analysis: Bears seeking a break to channel bottoms, below 61.8% Fibo

Bulls target risk back to the top of the channel and recent highs of 0.6750.
Bears seek a break of trendline support and a resumption of the downside within the bearish channel.

Ross J Burland FXStreet

AUD/CHF has been resilient against the odds, considering the risk-off tone in markets were otherwise, the CHF usually performs.

The Swiss Nation Bank has evidently been intervening in recent weeks, protecting its currency against strength vs the euro, although, on a technical basis, vs the Aussie dollar, the breach of the 50% Fibonacci level within a descending channel and below the 21-day moving average exposes risk of a run to the 61.8% target. Bears are in pursuit of a break of the trend-line support. On the other hand, should the bulls advance, a break of the 50-DMA will open the 21-DMA and risk back to the top of the channel and recent highs of 0.6750.

AUD/CHF daily chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD flirts with tops near 1.3470

GBP/USD manages to regain composure and challenge the area of daily highs around 1.3470 on Friday. Cable picks up pace despite marginal gains in the Greenback in a context of swelling geopolitical tensions and rising global oil prices.

EUR/USD trims losses, back above 1.1500

EUR/USD picks up some pace and bouces off earlier lows, reclaiming the 1.1500 threshold and beyond at the end of the week. The pair’s modest pullback follows a persistent risk-averse market mood and renewed buying interest for the US Dollar.

Gold: The $4,000 mark holds the downside for now

Gold faces renewed selling pressure, falling sharply toweard the $4,000 mark per troy ounce as the US Dollar regains momentum. Escalating US-Iran tensions are keeping inflation concerns and expectations of further Fed rate hikes alive, weighing further on the yellow metal.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Warsh needs to restore his reputation

We were glad to see our deeply negative reaction to the Warsh press conference was not some personal peculiarity. Just about everybody in the financial press felt the same way. The consensus is building it’s not the Fed in the dog-house but only Warsh. Today the WSJ changed it tune and blasted Warsh—"the honeymoon is already over..”

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.