- AUD/CHF has pared losses and is currently trading at 0.7348 after hitting session lows at 0.7322.
- Upside finds minor resistance at 0.7349 (5-DMA) and major resistance at 0.7385 (trendline).
- The pair finds strong support at cloud base at 0.7301, break below will see weakness.
- Upside resumption likely only on a decisive break above trendline at 0.7385.
- Technical indicators are inconclusive on daily charts with a mild bearish bias on the monthly.
Support levels - 0.73 (cloud base & 23.6% Fib retrace of 0.7807 to 0.71467 fall), 0.7273 (June 28 low), 0.7270 (May 5 low)
Resistance levels - 0.7385 (trendline), 0.74 (38.2% Fib), 0.7456 (cloud top), 0.7495 (200-DMA)
Recommendation: We prefer to wait for clear directional bias.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -105.449 (Bearish), while Hourly CHF Spot Index was at -135.261 (Bearish) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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