- AUD/CHF extends downside after breaking below major trendline support at 0.7460 and 100-DMA at 0.7464.
- Price holds 200-DMA support at 0.7375. Break below finds next support at 0.7342 (Sept 30 low).
- Bearish bias in the pair intact. Momentum studies support downside.
- Support levels - 0.7375 (200-DMA), 0.7342 (Sept 30 low), 0.7277 (Aug 19 low)
- Resistance levels - 0.7421 (5-DMA), 0.7463 (100-DMA), 0.75 (Dec 19 high)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-slips-below-100-DMA-good-to-go-short-on-rallies-463080) has achieved TP 1&2.
Recommendation: Stay short for 0.7345/ 0.7280/ 0.7250
FxWirePro's Hourly AUD Spot Index was at -134.55 (Highly Bearish), while Hourly CHF Spot Index was at 109.056 (Highly bullish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
