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FxWirePro: AUD/CHF upside capped at 21-EMA, near-term outlook bullish
AUD/CHF chart - Trading View
AUD/CHF was trading 0.32% higher on the day at 0.5930 at around 08:55 GMT.
The pair has paused upside at 21-EMA which is offering stiff resistance at 0.5954.
Aussie remains bid after upbeat China PMI data and mildly positive risk-tone across markets.
China’s official Manufacturing and Non-Manufacturing PMIs for March surprised markets with upbeat numbers.
The headline manufacturing PMI stood at 52.00, beating forecast at 45 while the Non-Manufacturing PMI rose to 52.3 compared to 37.8 expected.
Momentum still with the bulls. Stochs and RSI are biased higher. MACD shows a bullish crossover on signal line.
Major trend is strongly bearish, but minor trend is turning slightly bullish. Break above 21-EMA could see further gains.
Next hurdle for bulls lies at 50% Fib at 0.6115 ahead of 55-EMA at 0.6218. Rejection at 21-EMA negates any bullish bias.
Support levels - 0.5870 (5-DMA), 0.5791 (200H MA)
Resistance levels - 0.5953 (21-EMA), 0.6115 (50% Fib)