- AUD/CHF fails to extend downside after breach at Triangle base, retraces back.
- The pair has bounced off with Doji formation at lows, is extending upside for 3rd successive session.
- Price action has edged above daily cloud and is currently hovering around 50-DMA at 0.7639.
- Decisive close above could see further upside, scope then for test of 0.78 levels.
- On the flipside 200-DMA at 0.7538 is major support, we see bullish invalidation on break below.
Support levels - 0.7607 (5-DMA), 0.7560 (Oct 11 low), 0.7548 (38.2% Fib retrace of 0.71467 to 0.77966 rally)
Resistance levels - 0.7673 (Oct 5 high), 0.77, 0.7778 (Aug 1 high), 0.78 (major trendline)
Recommendation: Good to go long on close above 50-DMA, SL: 0.76, TP: 0.7675/ 0.77/ 0.7780/ 0.78
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 137.958 (Bullish), while Hourly CHF Spot Index was at -19.7931 (Neutral) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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