- AUD/CHF resumes upside after holding 50-DMA support on the downside.
- The pair has failed to close below 50-DMA, currently at 0.7505, which is strong support on the downside.
- Intraday bias higher, the pair has broken above 20-DMA at 0.7540.
- Price action holds above daily cloud which is strong support on the downside.
- RSI is above 50 levels and biased north, Stoch have bounced off from near oversold levels.
- We see scope for test of trendline resistance at 0.7630, bullish invalidation only on close below 50-DMA.
- Support levels - 0.7540 (20-DMA), 0.7505 (50-DMA), 0.7480 (cloud top)
- Resistance levels - 0.7585 (session high), 0.7630 (trendline), 0.7660 (Oct 26 high)
Recommendation: Good to go long on dips around 0.7540/50, SL: 0.75, TP: 0.7585/ 0.76/ 0.7630
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 75.6928(Bullish), while Hourly CHF Spot Index was at 17.2412 (Neutral) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
