- Data released earlier today showed China saw a sharp rise in the exports and imports in CNY terms in January.
- China's trade surplus, exports as well imports came in much stronger-than-expected. Stellar numbers are boosting risk assets.
- Upbeat China data along with Trump’s tax talk likely to dampen demand for safe haven currencies like CHF and JPY.
- AUD/CHF spiked to hit 0.7666, levels last seen in April 2015. Bias higher.
- The pair has retraced from highs to currently trade at 0.7654. We recommend buying on dips.
Support levels - 0.7618 (5-DMA), 0.7579 (Feb 9 low), 0.7574 (20-DMA)
Resistance levels - 0.7665 (Oct 26, 2016 high), 0.7673 (Apr 27 week high), 0.7743 (Mar 9 week high)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Bullish Neutral
1D Bullish Neutral
1W Bullish Neutral
Recommendation: Good to go long on dips around 0.7640/50, SL: 0.7575, TP: 0.77/ 0.7740
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 18.3541(Neutral), while Hourly CHF Spot Index was at 16.3055 (Neutral) at 0550 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
