- AUD/CHF rejected at 50-DMA for 2nd straight session, struggles to break above.
- Technical studies are bullish. Stochs and RSI are biased higher. MACD also supports trend higher.
- Further a bullish Stochastics divergence from price action keeps scope for upside.
- The pair has closed above 55-EMA in last week's trade, extends break above 21-EMA.
- Price has broken above 0.74 handle and is currently trading at 0.7454 after hitting highs of 0.7474.
- Break above 50-DMA finds next immediate resistance at 110-EMA at 0.7496 ahead of 200-DMA at 0.7537.
- On the flipside, 55-EMA at 0.7446 is strong support. Break below could see minor weakness.
Support levels - 0.7446 (55-EMA), 0.7432 (5-DMA), 0.7357 (20-DMA)
Resistance levels - 0.7496 (110-EMA), 0.75, 0.7537 (200-DMA)
Recommendation: Watch out for break above 50-DMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 123.794 (Bullish), while Hourly CHF Spot Index was at 5.05747 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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