FxWirePro: Breach at 'Triangle base' raises scope for downside in AUD/CHF, stay short

• AUD/CHF edged higher on the day after upbeat Australia's Westpac consumer sentiment data boosted the Aussie.
   
• The Westpac Melbourne Institute Index of Consumer Sentiment for Australia rose 3.6% to 101.4 in October from 97.9 in September.
   
• However, upside in the pair was rejected at session highs at 0.7603.
   
• The pair slipped below 5-DMA at 0.7596 and is currently trading at 0.7583 levels.
   
• Price action has breached 'Triangle base' and we see scope for further downside.
   
• Technical studies are bearish and support downside in the pair. Bears now target 200-DMA at 0.7536.
   
• On the flipside, breakout above 50-DMA at 0.7652 finds next resistance at 0.7664 (20-DMA).
   
• Breakout at 20-DMA could see bearish reversal, scope then for test of 0.7795 (Triangle top).

Support levels - 0.7613 (5-DMA), 0.7584 (converged weekly 200-SMA and rising trendline), 0.7529 (200-DMA)

Resistance levels - 0.7641 (50-DMA), 0.7648 (20-DMA), 0.7673 (Oct 5 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-rejected-at-50-DMA-07652-good-to-go-short-on-break-below-07584-931022) has hit TP1.

Recommendation: Book partial profits at lows. Hold for further downside. Watch out for violation at 200-DMA for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -18.3992 (Neutral), while Hourly CHF Spot Index was at 61.722 (Neutral) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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