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FxWirePro: AUD/CHF breaks above 21-EMA, near-term outlook bullish
AUD/CHF chart - Trading View
After extending consolidation along 21-EMA in the past week, AUD/CHF has shown a breakout at 21-EMA resistance.
The Reserve Bank of Australia (RBA) earlier today kept benchmark interest rate unchanged at 0.25%, as expected and retained the yield curve control program launched last month.
The RBA's status quo policy decision buoys the Aussie across the board. While on the otherside, improving COVID-19 situation takes sheen off the haven currencies like the Franc.
The RBA also added that the size and the frequency of the bond purchases will likely be reduced if conditions improve.
AUD/CHF spiked past 21-EMA and was trading 0.92% higher at 0.6011 at around 08:35 GMT.
Technical indicators are biased higher and bullish 5-DMA crossover on 20-DMA adds to the upside bias.
Support levels - 0.5939 (21-EMA), 0.5914 (5-DMA), 0.5841 (20-DMA)
Resistance levels - 0.6115 (50% Fib), 0.6167 (55-EMA), 0.6202 (50-DMA)
Guidance: Good to go short on dips, SL: 0.5930, TP: 0.61/ 0.6165/ 0.62