- AUD/CHF halts 5 consecutive sessions of gains, down 0.08% on the day.
- The pair finds stiff resistance at 0.7765 (trendline), break above could see further upside.
- Technical indicators on weekly charts are highly bullish. RSI and Stochs are biased higher. MACD is showing a bullish crossover on signal line.
- We have seen a break above weekly 200-SMA at 0.7627, bias still higher. 0.78 is the next bull target.
- On the flipside, we see weakness on break below weekly 200-SMA support at 0.7623.
Support levels - 0.77, 0.7665 (78.6% Fibo 0.7806 to 0.7146 fall), 0.7640 (trendline resistance turned support), 0.7623 (weekly 200-SMA)
Resistance levels - 0.7760 (July 38 high), 0.7807 (Feb 2017 high), 0.80
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-edges-lower-from-fresh-4-month-highs-at-07750-bias-higher-826557) has hit TP1.
Recommendation: Bias higher, stay long.
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