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FxWirePro: AUD/CHF breaks above 55-EMA, eyes 200-DMA at 0.7462, stay long on dips

Refer AUD/CHF chart on Trading View

  • AUD/CHF edges lower from 3-week highs at 0.7401, bias higher.
     
  • The pair has broken above 55-EMA and has entered into daily cloud.
     
  • Technical indicators are turning bullish on the daily charts. Stochs are on verge of rollover from near oversold levels. 
     
  • RSI has edged above 50 levels and biased higher. +ve DMI has crossed over on -ve DMI.
     
  • The pair holds support at 5-DMA at 0.7355. Close below could see some weakness.
     
  • On the upside, we see scope for test of cloud top at 0.7429 ahead of 200-DMA at 0.7462.

Support levels - 0.7387 (55-EMA), 0.7357 (5-DMA), 0.7312 (Aug 2 low)

Resistance levels - 0.7429 (cloud top), 0.7462 (200-DMA)

Recommendation: Good to go long on dips around 0.7375, SL: 0.7350, TP: 0.74/ 0.7430/ 0.7460

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 121.425 (Bullish), while Hourly CHF Spot Index was at -53.2123 (Neutral) at 1125 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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