The 'AUD' has been gaining on the Swissy or 'CHF' since hitting an 18 month low last week at 0.9224. The pair has been Bullish 7 of the last 9 trading days and appears to be heading for the 38.2% Fibo based on the 23 month high along with the 18 month low. With the Weekly R1 sitting just above the 38.2% Fibo at 0.9507, this is a high probability target for the pair and could be the point where the Bearish trend resumes, or just a 'speed-bump' and the pair could potentially trade as high as 0.9669 in the next 2-3 weeks, which just happens to be the 61.8% level. The pair tried to bust through and close above the Weekly Pivot at 0.9455 but was only temporarily successful as price has fallen once again during Asian trading hours. We do see the pair both closing and holding above the 62 EMA on the daily chart, which is often an indication that the trend has reversed. From an intra-day trading perspective, we see additional resistance at 0.9463, 0.9480 & 0.9525 with intra-day support at the 0.9425, 0.9394 & 0.9370 levels. If the pair does remain Bullish, be cautious at the 0.9525 area as this is a long standing S/R zone and could offer some strong resistance for the Bulls.
Happy Trading!