- Upbeat Chinese data likely to keep the Aussie supported. China's trade surplus, exports as well imports and inflation came in much stronger-than-expected.
- AUD/CHF spiked to hit fresh multi-month highs at 0.7726.
- The pair has edged slightly lower to currently trade at 0.7719, bias remains higher.
- Technical studies on multiple time-frame charts support upside. Next bull target is weekly 200-MA at 0.7779.
- Break above finds next major resistance at 0.7990 (38.2% Fib retrace of 1.03489 to 0.65334 fall).
Support levels - 0.77 (psychological level), 0.7686 (5-DMA), 0.7643 (1H 200-SMA)
Resistance levels - 0.7779 (200-DMA), 0.78 (psychological level), 0.7990 (38.2% Fib)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Bullish Near overbought
1W Bullish Neutral
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Antipodeans-buoyed-by-stellar-Chinese-trade-data-AUD-CHF-spikes-to-highest-since-April-2015-533871) has almost hit all targets.
Recommendation: Book partial profits at highs. Raise trailing stops to 0.7650. Hold for 0.7780.
Fresh longs can be initiated on dips around 0.77, SL: 0.76, TP: 0.7780/ 0.78/ 0.79
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 75.7181(Bullish), while Hourly CHF Spot Index was at 47.1855 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
