- AUD/CHF down 0.21% on the day, trades around 0.7533 levels, bias lower.
- Price action has dipped below daily Ichi cloud and 38.2% Fibo at 0.7548.
- Momentum studies are bearish, stochs are sharply lower. RSI weakness seen below 50 levels and biased lower.
- The pair is trading in a rising wedge pattern and finds strong support at wedge base at 0.7515.
- Breakout below wedge base will see further weakness, scope then for test of 61.8% Fibo at 0.7395.
- On the flipside, 100-DMA at 0.7607 is major resistance, bearish invalidation on break above.
Recommendation: Good to go short on break below 0.7515, SL: 0.7610, TP: 0.75/ 0.7420/ 0.74
| Support levels | Resistance levels |
| S1: 0.7515 (Wedge base) | R1: 0.7548 (38.2% Fib) |
| S2: 0.75 (Jan 25 low) | R2: 0.7607 (100-DMA) |
| S3: 0.7395 (61.8% Fib - 0.7146 to 0.7797) | R3: 0.7641 (20-DMA) |
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -109.771 (Bearish), while Hourly CHF Spot Index was at 26.0783 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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