AUD/CHF chart - Trading View
- AUD/CHF pauses downside above 200-DMA with a Doji formation at lows.
- The pair is extending gains for the 3rd straight session and has broken above 20-DMA.
- Antipodeans buoyed as China’s industrial profits surged after the previous two months of deterioration.
- China's industrial profits in March rise 13.9 pct year-on-year to 589.52 billion yuan ($87.62 billion), data from the National Bureau of Statistics showed.
- Profits recovered from a 14 percent fall in the first two months, easing concerns about the slowing momentum in China’s economy.
- Technical studies support further upside in the pair. Scope for test of 0.7270 (trendline resistance).
- Immediate support lies at 21-EMA at 0.7174. We see major weakness only below 200-DMA.
Support levels - 0.7174 (21-EMA), 0.7134 (200-DMA), 0.7078 (Apr 8 low)
Resistance levels - 0.72, 0.7216 (1H 200-SMA), 0.7270 (trendline)
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