FxWirePro: AUD/CHF momentum bullish, on track to test 61.8% Fib at 0.7554, stay long

• AUD/CHF extends bullish momentum after break above major channel top resistance at 0.7375.
   
• We see scope for test of 61.8% Fib retrace of 0.7806 to 0.7146 fall at 0.7554.
   
• Aussie buoyed by China trade data on Thursday and as Fitch affirms China's A+ rating with stable outlook.
   
• Technical studies on weekly charts are also bullish. The pair has broken above weekly 20-SMA at 0.7443.
   
• RSI and Stochs on weeklies are biased higher and MACD is on verge of bullish crossover on signal line.
   

Support levels - 0.7443 (weekly 20-SMA), 0.7413 (5-DMA), 0.7398 (38.2% Fib retrace of 0.7806 to 0.7146 fall at 0.7554)

Resistance levels - 0.75, 0.7554 (61.8% Fib), 0.76

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-struggles-at-channel-top-at-07375-good-to-go-long-on-break-above-798534) is approaching final targets.

Recommendation: Book partial profits at highs. Trail stop loss to 0.7420, hold for 0.7550.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 103.938 (Bullish), while Hourly CHF Spot Index was at -84.3815 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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