FxWirePro: AUD/CHF bounces-off strong trendline support at 0.7270, close above 5-DMA could see further upside

• AUD/CHF is extending gains after holding strong trendline support at 0.7270.
   
• We see weakness only on break below, test of 0.7243 (Nov 9 lows then likely).
   
• Upside is capped by 5-DMA at 0.7364, close above could see further gains.
   
• We see bullish divergence on Stochs on daily charts and RSI has turned north from oversold levels.
   
• Stochs rollover from oversold levels with close above 5-DMA would confirm upside.

Support levels - 0.73, 0.7270 (trendline), 0.7243 (Nov 9 2016 low)

Resistance levels - 0.7365 (5-DMA), 0.7408 (1H 200-SMA), 0.7479 (20-DMA)

TIME  TREND INDEX  OB/OS INDEX   

1H          Bullish                Neutral      

4H          Bullish                Neutral      

1D          Neutral               Neutral       

1W         Bearish               Neutral      

Recommendation: Watch out for close above 5-DMA for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -129.836(Bearish), while Hourly CHF Spot Index was at -101.168 (Bearish) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.