FxWirePro: AUD/CHF Faces Strong Support at 0.7230, Good to Buy at Dips
- Major resistance – 0.7380 (61.8% retracement of 0.7574 and 0.70323)
- Major support – 0.7230 (daily Tenkan-Sen)
- AUD/CHF has recovered sharply after making a low of 0.72317 yesterday. It is currently trading around 0.72994.
- Short term trend is still bullish as long as minor support 0.7230 holds.
- On the lower side, minor support is around 0.7230 (daily Tenkan-Sen) and any break below targets 0.7205/0.7160 (200 day MA).
- Short term weakness only below 0.7160 (200 4H MA and 27th Jun low).
- Technically the minor resistance is around 0.7320 and any break above targets 0.7380/0.7410/0.7450.
It is good to buy at dips around 0.7275-0.7280 with SL around 0.7230 for the TP of 0.7375/0.7410.