FxWirePro: AUD/CHF breaks major trendline resistance at 0.7375, bias higher, stay long

• AUD/CHF has shown a decisive break above major trendline resistance at 0.7375, bias higher.
   
• Aussie buoyed on strong China imports data. China June imports in USD terms rose at an annualised rate of 17.2%, beating the estimated rise of 14.5%.
   
• China Exports (YoY) registered at 11.3% above expectations (8.7%) in June, bringing the trade balance to $42.77B.
   
• Technical indicators have turned bullish after break above 20 and 5 DMAs, RSI and Stochs are biased higher.
   
• We see scope for test of 200-DMA at 0.7493. Bullish invalidation likely on break below 23.6% Fib retrace of 0.7806 to 0.7146 fall at 0.7302.
   

Support levels - 0.7369 (5-DMA), 0.7353 (20-DMA), 0.7302 (23.6% Fib retrace of 0.7806 to 0.7146 fall)

Resistance levels - 0.7430 (June 19 high), 0.7455 (100-DMA), 0.7492 (200-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-struggles-at-channel-top-at-07375-good-to-go-long-on-break-above-798534) is progressing well, approaching TP2.

Recommendation: Book partial profits at highs, trail stops to 0.7370, hold for further gains.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 128.508 (Bullish), while Hourly CHF Spot Index was at -16.3664 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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