- AUD/CHF rejected at session lows at 0.7510, edges higher to reverse dip below 5-DMA.
- Technical indicators are bullish on intraday charts, we see scope for further upside.
- Next target for bulls lies at 0.7635 (trendline resistance). Violation there could see test of 0.7665 (78.6% Fib).
- Indicators on weekly charts are highly bullish. RSI and Stochs are biased higher, while MACD is showing a bullish crossover.
- We see bullish invalidation on decisive break below 200-DMA at 0.7496.
Support levels - 0.7537 (5-DMA), 0.7496 (200-DMA), 0.7465 (July 24 low)
Resistance levels - 0.7626 (weekly 200-SMA), 0.7635 (trendline), 0.7665 (78.6% Fib)
Recommendation: Good to go long around 0.7575/80, SL: 0.7535, TP: 0.7625/ 0.7665
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -36.8137 (Neutral), while Hourly CHF Spot Index was at -162.125 (Bearish) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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