FxWirePro: AUD/CHF rejected at 50-DMA (0.7652), good to go short on break below 0.7584

• AUD/CHF was rejected at 50-DMA at 0.7652, slips lower to currently hover around 5-DMA at 0.7614.
   
• Aussie supported higher after Australia Aug building approvals rose to 0.4 % (forecast -0.5 %) vs previous -1.2 % (revised from -1.7 %).
   
• The pair finds major support at 0.7584 (converged weekly 200-SMA and rising trendline).
   
• Breach at 0.7584 support finds next major support at 200-DMA at 0.7529.
   
• On the flipside, breakout above 50-DMA at 0.7652 finds next resistance at 0.7664 (20-DMA).
   
• Breakout at 20-DMA could see bearish reversal, scope then for test of 0.7795 (Triangle top).

Support levels - 0.7613 (5-DMA), 0.7584 (converged weekly 200-SMA and rising trendline), 0.7529 (200-DMA)

Resistance levels - 0.7652 (50-DMA), 0.7664 (20-DMA), 0.7694 (Sept 1 high)

Recommendation: Watchout for break below 5-DMA to go short, target 0.7585/ 0.7530.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 59.7009 (Neutral), while Hourly CHF Spot Index was at -140.093 (Bearish) at 0910 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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