- AUD/CHF hovers around major trendline resistance at 0.7375, bias higher.
- Technical indicators have turned bullish, RSI and Stochs are biased higher.
- The pair has broken above 20-DMA and 5-DMA has turned on daily charts.
- Aussie buoyed on upbeat NAB business conditions data released earlier today.
- Break above 0.7375 is likely to see upside upto 200-DMA at 0.7493.
- Bullish invalidation likely on break below 23.6% Fib retrace of 0.7806 to 0.7146 fall at 0.7302.
Support levels - 0.7350 (20-DMA), 0.7330 (5-DMA), 0.7302 (23.6% Fib retrace of 0.7806 to 0.7146 fall)
Resistance levels - 0.7399 (38.2% Fib), 0.7430 (June 19 high), 0.7493 (200-DMA)
Recommendation: Good to go long on breakout above 0.7375, SL: 0.7330, TP: 0.74/ 0.7430/ 0.75
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 112.624 (Bullish), while Hourly CHF Spot Index was at -62.2715 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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