AUD/CHF chart on Trading View used for analysis
- AUD/CHF slumps lower for the 2nd straight session, trades 0.78% lower at 0.7094 at 1155 GMT.
- Data from China showed manufacturing activity gauge hit a 3-year low in Feb as export orders fell at the fastest pace since February 2009.
- The official Purchasing Managers' Index (PMI) fell for the third straight month, dropping to 49.2 in February.
- The pair has been rejected at 200-DMA and we see upside only on break above.
- RSI and Stochs are biased lower and price has slipped below major EMAs.
- We see weakness till daily cloud. Bearish invalidation on retrace above 200-DMA.
Support levels - 0.7076 (Feb 8 low), 0.7027 (daily cloud)
Resistance levels - 0.71, 0.7129 (55-EMA), 0.7193 (200-DMA)
Recommendation: Good to go short on rallies, SL: 0.7150, TP: 0.71/ 0.7030
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
