- AUD/CHF edges lower from fresh 4-week highs at 0.7602, finds stiff resistance at 20W SMA at 0.7601.
- Aussie is likely to extend upbeat data led gains, we see scope for further upside in the pair.
- Technical studies are also bullish. The pair has close above 200-DMA and broken 200W SMA.
- RSI and Stochs are biased higher, with RSI above 50 gaining traction. MACD supports trend higher.
- 5-DMA is sharply higher and we see bullish 5-DMA crossover on 20-DMA.
- Break above 20W SMA at 0.7601 likely to propel the pair higher. 0.7650 (trendline) is next major resistance.
- We see bullish invalidation on retrace below 200-DMA at 0.7526.
Support levels - 0.7574 (50-DMA), 0.7562 (38.2% Fib retrace of 0.77966 to 0.7417 fall), 0.7526 (200-DMA), 0.7506 (23.6% Fib)
Resistance levels - 0.7601 (20W SMA), 0.7606 (50% Fib), 0.7650 (trendline)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-Trade-Idea-1058607) has hit TP1.
Recommendation: Watch out for break above 20W SMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 43.9738 (Neutral), while Hourly CHF Spot Index was at 6.48396 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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