FxWirePro: AUD/CHF fails to close below 5-DMA, bias higher, stay long

AUD/CHF fails to close below 5-DMA, raising scope for upside.

AUD buoyed after RBA held policy unchanged, said higher commodity prices have supported a rise in the trade surplus. 

The bank did state that the inflation is expected to remain low for some time and did not sound seriously concerned by the strength in the Aussie dollar.

Momentum studies are bullish, RSI strong at 61.66 with scope for further upside.

Support levels - 0.7606 (5-DMA), 0.7576 (Feb 7 low), 0.7567 (20-DMA), 0.7525 (Feb 2 low), 0.7510 (50-DMA)

Resistance levels - 0.7635 (trendline), 0.7641 (Feb 3rd high), 0.7665 (Oct 26 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Bullish                Neutral        
1W         Bullish                Neutral      

Call update: Our long call (http://www.econotimes.com/FxWirePro-AUD-CHF-finds-major-resistance-at-07635-break-above-to-test-07744-523586) has hit all targets.

Recommendation: Good to go long on breakout above 0.7635, SL: 0.7575, TP: 0.7665/ 0.77/ 0.7740.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -17.6778(Neutral), while Hourly CHF Spot Index was at -93.6074 (Highly bearish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.