- AUD/CHF was rejected at session lows at 0.7389, holds above 5-DMA support at 0.7388.
- The pair is extending bounce off strong trendline support at 0.7270.
- Technical indicators have turned bullish after break above 5-DMA. Stochs and RSI have turned north from oversold levels.
- We see bullish divergence on Stochs on daily charts which reinforces upside.
- 20-DMA at 0.7457 is strong resistance, break above required to extend gains.
Support levels - 0.7396 (23.6% Fib of 0.7806 to 0.7270 fall), 0.7388 (5-DMA), 0.73, 0.7270 (trendline)
Resistance levels - 0.7457 (20-DMA), 0.7475 (38.2% Fib), 0.7512 (200-DMA)
Recommendation: Good to go long on breakout above 20-DMA at 0.7457, SL: 0.74, TP: 0.7475/ 0.75/ 0.7540
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -24.1443 (Neutral), while Hourly CHF Spot Index was at -101.042 (Bearish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.


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