- AUD/CHF is extending choppy trade around 200-DMA at 0.7524, bias higher.
- The pair trades 0.81% higher on the day, currently trades at 0.7558, up from session lows at 0.7493.
- The pair finds major resistance at 0.7570 and break above could see extension of upside.
- Aussie spikes across the board after the Australian Bureau of Statistics (ABS) reported a better-than-expected Australia first quarter GDP reading.
- The economy expanded 1% q/q in Q1, slightly above the estimate of 0.9 percent, but well above the previous quarter's growth rate of 0.4 percent.
- Close above 200-DMA has raised scope for further upside. Break above trendline likely to see test of 0.76 levels.
- On the flipside, the pair finds immediate support at 21-EMA at 0.75. Break below daily cloud to see major weakness.
Support levels - 0.7524 (200-DMA), 0.75 (21-EMA), 0.7453 (cloud top)
Resistance levels - 0.7570 (Trendline), 0.76, 0.7695 (Dec 27 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-finds-major-resistance-at-200-DMA-07524-good-to-go-long-on-break-above-1346706) has hit TP1.
Recommendation: Watchout for break above trendline at 0.7570 for further gains.
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