AUD/CHF chart - Trading View
- AUD/CHF is trading largely unchanged at 0.7083 at 1045 GMT, bias bearish.
- Negative news out of China weighs on the antipodeans, keeping downside pressure.
- China services purchasing managers’ index (PMI) for February came in at 51.1, missing the estimate of a rise to 53.8 from the previous month’s print of 53.6.
- Further, China revised lower the gross domestic product (GDP) estimate to 6.0–6.5% range for 2019.
- Sentiment based on the US-China trade deal developments will continue to affect price movements.
- Recovery attempts in the pair remain capped at 5-DMA, break above required for further upside.
- The pair is consolidating previous session slump, after rejection at 200-DMA. We see scope for weakness till daily cloud.
- Break below cloud could drag the pair till 0.6958 (Jan 10 low). Bearish invalidation only above 200-DMA.
Support levels - 0.7076 (Feb 8 low), 0.7023 (38.2% Fib), 0.6958 (Jan 10 low)
Resistance levels - 0.7093 (5-DMA), 0.7130 (50% Fib), 0.7187 (200-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-fails-at-200-DMA-good-to-stay-short-on-rallies-1504703) has hit TP1.
Recommendation: Book partial profits at lows, stay short for further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
