AUD/CHF Trade Idea

AUD/CHF Trade Idea

31 May 2016, 15:00
Roberto Jacobs

AUD/CHF Trade Idea

  • Major resistance -0.7155 (trend line joining 0.7245 and 0.7200) 
  • AUD/CHF has violated trend resistance and jumped till 0.7195 at the time of writing. It is currently trading around 0.71785. 
  • Aussie traded higher against all major pair’s today morning on upbeat building approvals combined with positive current account data. 
  • Short term is still bullish as long as 0.7805 low made on 26th May 2016 holds. 
  • The pair’s immediate support is around 0.7130 (200 day MA) and break below targets 0.7805/0.7058. 
  • Short term bullish invalidation only below 0.7050. 
  • On the higher side short term resistance is around 0.7200 and any indicative break above will take the pair till 0.7225/0.7285 level.

It is good to buy at dips around 0.7150 with SL around 0.7080 for the TP of 0.7245/0.7285

Resistance: R1-0.7200,  R2-0.7225, R3-0.7280

Support: S1-0.7130, S2-0.7085, S3-0.7050

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