- AUD/CHF is extending bounce off major trendline support at 0.7265 levels.
- The pair has broken above 5-DMA and is on track to test 20-DMA resistance currently at 0.7420.
- Technical indicators are turning slightly bullish. We see scope for further upside on break above 20-DMA.
- Stochs are showing a rollover from oversold levels and RSI is biased higher.
- MACD is on the verge of a bullish crossover which if succesfully completed will add to bullish bias.
- Decisive break at 20-DMA eyes 200-DMA at 0.7529. On the flipside, bullish invalidation on break below 0.7265 levels.
Support levels - 0.7349 (5-DMA), 0.73, 0.7265 (trendline)
Resistance levels - 0.7420 (20-DMA), 0.7505 (55-EMA), 0.7529 (200-DMA)
Recommendation: Good to go long on dips around 0.7350, SL: 0.7465, TP: 0.74/ 0.7420/ 0.75
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 21.5063 (Neutral), while Hourly CHF Spot Index was at -112.927 (Bearish) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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