- AUD/CHF has failed once again at major trendline resistance at 0.7430.
- The pair has edged lower to hit weekly lows of 0.7356, has since pared losses to currently trade at 0.7373.
- The pair has retraced brief dip below 50-DMA at 0.7366, close below could see further drag.
- Momentum studies are still bullish, RSI has turned but holds above 50 levels.
- On the upside, decisive break above trendline eyes 200-DMA at 0.7496.
- Close below 50-DMA at 0.7366 will raise scope for test of 0.73 (23.6% Fib).
Support levels - 0.7366 (50-DMA), 0.73 (23.6% Fib), 0.7280 (June 13 low)
Resistance levels - 0.7396 (5-DMA), 0.7398 (38.2% Fib of 0.7807 to 0.7147 fall), 0.7430 (trendline), 0.7496 (200-DMA)
Recommendation: Watch out for close below 50-DMA to go short.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -33.1879 (Neutral), while Hourly CHF Spot Index was at 102.099 (Bullish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
