AUD/CHF chart on Trading View used for analysis
- AUD/CHF spikes past 110-EMA resistance at 0.7140 to trade at 0.7173 at 0955 GMT.
- The pair is trading 0.83% higher on the day and we see scope for further upside.
- Price action has paused at daily cloud top at 0.7173. Break above 110-EMA raises scope for test of 200-DMA at 0.7230.
- Technical indicators are biased north, Stochs and RSI sharply higher. Bullish divergence on RSI and Stochs also supports the upside bias.
- Below 110-EMA, we see immediate support at 5-DMA at 0.7118. Break below 21-EMA negates bullish bias.
Support levels - 0.7118 (5-DMA), 0.7105 (55-EMA), 0.7095 (21-EMA)
Resistance levels - 0.72, 0.7230 (200-DMA), 0.7237 (61.8% Fib)
Recommendation: Good to go long on dips, SL: 0.7090, TP: 0.72/ 0.7230/ 0.73
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
