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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.
