AUD/CHF chart on Trading View used for analysis
- AUD/CHF has broken above major resistance at 55-EMA, we see further upside.
- The pair is trading 0.56% higher on the day at 0.7109 at the time of writing.
- The pair is likely to break out of range trade in which it has been stuck for the past few weeks.
- Bias remains to the upside. Stochs and RSI are biased higher and RSI holds above 55 levels shows strength in upside bias.
- Close above 55-EMA could see test of 38.6% Fib at 0.7145 ahead of cloud top at 0.7161. Further upside only on break above.
- On the flipside, we see strong support at 21-EMA at 0.7057. Break below will see resumption of weakness.
Support levels - 0.7072 (5-DMA), 0.7057 (21-EMA), 0.7042 (23.6% Fib)
Resistance levels - 0.7145 (38.2% Fib), 0.7161 (cloud top), 0.7178 (110-EMA)
Recommendation: Good to go long on close above 55-EMA, SL: 0.7055, TP: 0.7145/ 0.7180/ 0.72
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
