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 -167.046 (Bearish)
FxWirePro's Hourly CHF Spot Index was at 85.3936 (Bullish)

Technical Analysis: Bias Bearish
- Price has breached major trendline support at 0.70
- Momentum studies are highly bearish
- Bollinger Bands on weekly charts are widening
- MACD supports trend lower

Support levels - 0.6805 (78.6% Fib), 0.6752 (Feb 2016 low), 0.67
Resistance levels - 0.6964 (5-DMA), 0.70, 0.7108 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-edges-higher-from-2-1-2-year-lows-at-06951-bias-lower-good-to-stay-short-on-upticks-1423130) has hit TP1.

Recommendation: Stay short on upticks, SL: 0.7108, TP: 0.68/ 0.6755.

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