FxWirePro: EUR/CHF starts the week on a bearish note, Eurozone Sentix Investor Confidence index fails to ease recession fears
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(CADJPY and USDCHF) for the day
FxWirePro: GBP/AUD holds above 1.7700, but upside is limited
• GBP/AUD gained on Monday as GBP benefited from weaker Australian dollar, but gains were limited on more post-Brexit tensions and persistent economic growth worries in UK.
• Traders were also watching for further developments around post-Brexit arrangements, which could pose risks for sterling.
• Technicals are favouring bullish sentiment as RSI is at 59 and the pair is trading above5,9 & 11-DMAs.
• Immediate resistance is located at 1.7778 (38.2%fib ), any close above will push the pair towards 1.7852 (Higher BB).
• Strong support is seen at 1.7691(5DMA) and break below could take the pair towards 1.7639(50%fib).
Recommendation: Good to buy around 1.7710, with stop loss of 1.7610 and target price of 1.7800