AUD/CHF Trade Idea

• Major resistance -0.7155 (trend line joining 0.7245 and 0.7200)
   
• AUD/CHF has violated trend resistance and jumped till 0.7195 at the time of writing. It is currently trading around 0.71785.
   
• Aussie traded higher against all major pair’s today morning on upbeat building approvals combined with positive current account data.
   
• Short term is still bullish as long as 0.7805 low made on 26th May 2016 holds.
   
• The pair’s immediate support is around 0.7130 (200 day MA) and break below targets 0.7805/0.7058.
   
• Short term bullish invalidation only below 0.7050.
   
• On the higher side short term resistance is around 0.7200 and any indicative break above will take the pair till 0.7225/0.7285 level.

It is good to buy at dips around 0.7150 with SL around 0.7080 for the TP of 0.7245/0.7285

R1-0.7200

 R2-0.7225

R3-0.7280

Support

S1-0.7130

S2-0.7085

S3-0.7050