FxWirePro: AUD/CHF holds 200-DMA support, weakness likely on break below

• AUD/CHF holds 200-DMA support at 0.7495, bias lower.
   
• Aussie weakness across the board on dovish RBA Deputy Governor Debelle's comments.
   
• Debelle said that a rising AUD is complicating the economy's adjustment and is not welcome.
   
• The pair is extending weakness for 2nd successive session, down 0.65% on the day.
   
• Downside is holding strong support at 200-DMA at 0.7495, we see weakness on break below.
   
• Drag till 20-DMA at 0.7409 then likely. Violation at 20-DMA could see further drag.
   

Support levels - 0.7495 (200-DMA), 0.7409 (20-DMA) 0.7325 (trendline)

Resistance levels - 0.7549 (5-DMA), 0.76, 0.7626 (July 20 high)

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) has almost hit intended target.

Recommendation: Good to go short on break below 200-DMA at 0.7495, SL: 0.7555, TP: 0.74/ 0.7325

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 0.547473 (Neutral), while Hourly CHF Spot Index was at 28.6341 (Neutral) at 1215 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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