- AUD/CHF has shown a decisive break above 50-DMA to hit 2-week high at 0.7692 on Friday.
- The pair bounced off from near 200-DMA with a doji formation, bias remains higher.
- Technical indicators also support upside in the pair. Stochs and RSI are bias higher and we see bullish MACD crossover.
- Price action extends in 'Rising Triangle' pattern and we see scope for test of Triangle top at 0.78 levels.
- Major support lies at nearly converged 50 and 20 day moving averages at 0.7646 levels. Break below could see test of Triangle base at 0.7625.
Support levels - 0.7646 (20-DMA), 0.7639 (50-DMA), 0.7630 (5-DMA), 0.7609 (cloud top)
Resistance levels - 0.77, 0.7778 (Aug 1 high), 0.78 (Triangle top)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-hovers-around-50-DMA-at-07639-close-above-could-see-further-upside-950238) has hit TP1&2.
Recommendation: Bias higher, stay long.
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