- AUD/CHF has breached 50-DMA resistance at 0.7379 on Thursday's trade, bias higher.
- The pair is consolidating gains around 0.74 handle, we see scope for test of 200-DMA at 0.7496.
- Momentum studies are heavily bullish, RSI strong at 62 and biased higher. MACD indicators also supports trend higher.
- On weekly charts we see stochs are on the verge of a rollover from oversold levels, which if successful will see further extension on upside.
- Upbeat Australia's jobs data and SNB's neutral bias with unchanged policy adds support to the pair.
Support levels - 0.7376 (50-DMA), 0.7352 (5-DMA), 0.7302 (23.6% Fib of 0.7807 to 0.7147 fall)
Resistance levels - 0.7423 (cloud base), 0.7440 (trendline), 0.7467 (weekly 50-DMA), 0.7496 (200-DMA)
TIME TREND INDEX OB/OS INDEX
1H Bullish Near overbought
4H Neutral Overbought
1D Bullish Neutral
1W Neutral Neutral
Recommendation: Good to go long around 0.7390/0.74 levels, SL: 0.7350, TP: 0.7440/ 0.7495.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 131.367 (Bullish), while Hourly CHF Spot Index was at -149.325 (Bearish) at 0245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
