- AUD/CHF upside was rejected at major trendline resistance at 0.7410.
- The pair is now trading at 0.7353, bias lower.
- Immediate support is seen at 50-DMA at 0.7369, break below could see drag upto 0.73 levels.
- Prevalent risk-off environment provided an additional boost to the Swiss Franc's safe-haven appeal collaborating to the pair's downslide.
- Technical studies are also biased lower, and daily cloud also weighs heavily on the upside.
Support levels - 0.7345 (converged 5&50-DMA), 0.73 (23.6% Fib of 0.7807 to 0.7147 fall), 0.7280 (June 13 low)
Resistance levels - 0.7398 (38.2% Fib of 0.7807 to 0.7147 fall), 0.7410 (trendline), 0.7497 (200-DMA)
Recommendation: Good to go short on break below 50-DMA, SL: 0.7410, TP: 0.7315/ 0.73/ 0.7280
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 82.165(Bullish), while Hourly CHF Spot Index was at 96.2727 (Bullish) at 1010 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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