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AUD/CHF chart on Trading View used for analysis
- AUD/CHF is trading 0.27% higher on the day at 0.7142, up from session lows at 0.7101.
- Hawkish comments by RBA’s Kent also offered respite to Aussie bulls, pushing the pair higher.
- However, technical analysis supports a bearish bias. The pair has retraced break above 200-DMA, Stocks and RSI are biased lower.
- Bollinger Bands are widening in support of rising volatility and break below cloud will see resumption of weakness.
- Also, Chinese trade data over the weekend disappointed, with China's imports declining by a massive 25%, negative for the Aussie.
- Fallout from the Sino-US trade war will further keep pressure on the Aussie.
- Focus now on Reserve Bank of Australia's latest bulletin (Thursday), more hawkish outing from the RBA on improving housing numbers could put a bid under the AUD.
Support levels - 0.7126 (50% Fib), 0.71, 0.7067 (61.8% Fib)
Resistance levels - 0.7185 (38.2% Fib), 0.72 (5-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
