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FxWirePro: AUD/CHF struggles at 55-EMA, break above required for further upside
AUD/CHF chart - Trading View
AUD/CHF struggles at stiff resistance at 55-EMA, upside only on break above.
The pair is edging higher after holding support at 20-DMA, breakout at 55-EMA could see further gains.
5-DMA is biased higher, RSI is above 50, scope for further upside. Momentum is with the bulls.
Price action pivotal at 55-EMA. Breakout could see upside continuation.
Next major hurdle lies at cloud base at 0.6972. Scope for gains till 110-EMA at 0.70 on break above.
Rejection at 55-EMA can see retrace till 20-DMA at 0.6880. Break below 20-DMA negates near-term bullishness.
Support levels - 0.6901 (21-EMA), 0.6880 (20-DMA) 0.68
Resistance levels - 0.6938 (55-EMA), 0.6972 (cloud base), 0.70 (110-EMA), 0.7073 (61.8% Fib)
Recommendation: Watch out for break above 55-EMA to go long, target 0.70/ 0.7070
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.