- Aussie dented on retails sales miss, AUD/CHF edges lower from highs of 0.7622.
- Data released earlier today showed Australia’s December retail sales m/m fell to -0.1 % (forecast 0.3 %) vs previous 0.1 %.
- AUD/CHF bias remains bullish, technical indicators are biased higher.
- The pair faces major trendline resistance at 0.7635, breakout will see further gains.
- We see some weakness on intraday charts, bullish invalidation only on close below 5-DMA at 0.7570.
Support levels - 0.7570 (5-DMA), 0.7558 (20-DMA), 0.7497 (100-DMA)
Resistance levels - 0.7635 (trendline), 0.7665 (Oct 26, 2016 high), 0.77, 0.7744 (Mar 9, 2015 high)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Bearish Neutral
1D Bullish Neutral
1W Bullish Neutral
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-breaks-above-20-DMA-good-to-long-on-dips-519506) has hit all targets.
Recommendation: Good to go long on dips around 0.76, SL: 0.7550, TP: 0.7635/ 0.7665/ 0.77
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 159.783(Highly bullish), while Hourly CHF Spot Index was at -115.019 (Highly bearish) at 0415 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
