FxWirePro: Stay long AUD/CHF on cloud breakout and bullish momentum

AUD/CHF chart on Trading View used for analysis

• AUD/CHF trades 0.63% higher on the day at 0.7176 at the time of writing.
   
• Aussie buoyed after robust trade balance data released earlier today.
   
• The antipodean also helped by Chinese Caixin Manufacturing PMI data that managed to hold above the 50.0 critical level.
   
• Asians stocks are solidly bid Thursday as China's leadership signaled that further stimulus is being planned to counter the economic slowdown.
   
• Technical studies are bullish. The pair has shown a break above daily cloud and we see scope for further upside.
   
• The pair is now testing 110-EMA at 0.7178, break above to see upside till 61.8% Fib at 0.7312.

Support levels - 0.7145 (38.2% Fib), 0.7095 (55-EMA)

Resistance levels - 0.7178 (110-EMA), 0.7229 (50% Fib), 0.7312 (61.8% Fib)

Recommendation: Stay long on breakout above 110W SMA, target 0.7230/ 0.7310

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.