- AUD/CHF rejected at major resistance at 0.7543, slips lower to currently trade at 0.75 levels.
- We evidence formation of a Gravestone Doji at highs which raises scope for downside.
- Price action has broken above daily cloud and breakout at 0.7543 raises scope for further upside.
- But Doji formation along with bearish divergence on Stochs keeps scope for downside.
- Retrace into daily cloud could see dip till 21-EMA at 0.7458. Bullish invalidation likely on violation at 21-EMA.
Support levels - 0.75, 0.7485 (5-DMA & 50% Fib), 0.7458 (21-EMA)
Resistance levels - 0.7543 (trendline and 61.8% Fib), 0.7567 (Apr 19 high), 0.76
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 69.5846 (Neutral), while Hourly CHF Spot Index was at -48.9695 (Neutral) at 1150 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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