- AUD/CHF breaks 61.8% Fib retrace of 0.7806 to 0.7146 fall at 0.7554. Bias still higher.
- Reserve Bank of Australia's hawkish tone in its July monetary policy meeting minutes buoyed the Aussie.
- Australia's employment report for the month of June, due later this week will likely provide further impetus.
- Above 61.8% Fib the pair finds next major resistance at 0.7631 (weekly 200-SMA), scope for test of 0.7665 (78.6% Fib) on break above.
- Technical studies on weekly charts are also bullish. The pair has broken above weekly 50-SMA at 0.7467.
- RSI and Stochs on weeklies are biased higher and MACD is showing a bullish crossover on signal line.
Support levels - 0.7554 (61.8% Fib retrace of 0.7806 to 0.7146 fall), 0.7502 (5-DMA), 0.7494 (200-DMA)
Resistance levels - 07631 (weekly 100-SMA), 0.7635 (Jan 19 high), 0.7665 (Oct 26 2016 high and 78.6% Fib)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-upside-pauses-shy-of-618-Fib-at-07554-break-above-could-see-further-upside-805224) is progressing well.
Recommendation: Hold for 0.7630. Watch out for break above or further gains.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 147.248 (Bullish), while Hourly CHF Spot Index was at -70.64 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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