FxWirePro: AUD/CHF Trade Idea

AUD/CHF chart on Trading View used for analysis

FxWirePro Currency Strength Index for AUD/CHF: Bias Bearish
FxWirePro's Hourly AUD Spot Index was at -137.153 (Bearish)
FxWirePro's Hourly CHF Spot Index was at 62.2363 (Neutral)

Technical Analysis: Bias Bearish
- Minor recovery attempts capped at 110-EMA
- Fails to extend break above 200-DMA, slips lower with a spinning top formation
- Stochs and RSI have rolled over from overbought levels and are biased lower.
- MACD is showing a bearish crossover on signal line
- We see bearish divergence on RSI and Stochs which adds to the bearish bias.

Support levels - 0.7138 (cloud top), 0.7115 (trendline), 0.71
Resistance levels - 0.7197 (110-EMA), 0.72, 0.7252 (5-DMA)

Recommendation: Good to go short around 0.7195, SL: 0.7235, TP: 0.7140/ 0.7115

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.