FxWirePro: AUD/CHF struggles at 4H 200-SMA, good to go long on break above

• AUD/CHF struggles to break above stiff resistance at 4H 200-SMA at 0.7348.
   
• Technical studies are bullish and breakout at 4H 200-SMA could see further upside.
   
• The Reserve Bank of Australia kept rates unchanged at record low of 1.5 percent. The statement was in line with what was expected.
   
• AUD/CHF up 0.36% on the day, trading at 0.7341 at the time of writing.
   
• Technical indicators have turned bullish. RSI has edged above 50 levels and Stochs are biased higher.
   
• Further, bullish divergence on RSI and Stochs keeps scope for upside in the pair.
   
• On the downside, break below major support at 0.7260 will see further weakness. Scope then for test of 0.7148 levels.

Support levels - 0.7317 (5-DMA), 0.7266 (Feb 9th low), 0.7260 (trendline), 0.7242 (March 2 low)

Resistance levels - 0.7348 (4H 200-SMA), 0.7361 (20-DMA), 0.74

Recommendation: Watch out for break above 4H 200-SMA to go long, SL: 0.7315, TP: 0.7375/ 0.74.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 101.783 (Bullish), while Hourly CHF Spot Index was at -91.6453 (Bearish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest