Posted on February 3, 2015 by the XM Investment Research Desk at 8:41 am GMT
AUDCHF resumed its fall today after the RBA rate cut and touched a low of 0.7062 by early European session trading. Resistance at 0.7290 proved difficult to break and the intraday bias is back on the downside. There is scope to target the all-time low of 0.6848.
To the upside, a break of the recent resistance at 0.7290 would indicate a short-time bottoming. However, the long term outlook remains bearish as long as the market remains under the Ichimoku cloud and the RSI is in bearish territory.