FxWirePro: AUD/CHF breaks below 1H 200-SMA, eyes 20-DMA at 0.7367, stay short

• AUD/CHF has extended break below hourly cloud, has broken below 1H 200-SMA.
   
• Technical indicators on daily charts are turning bearish. 5-DMA has turned and Stochs are showing a rollover from overbought levels.
   
• SNB on Thursday maintained status quo, held rate unchanged at -0.75%, failed to provide any fresh impetus.
   
• Focus now remains on the Reserve Bank of Australia’s March meeting minutes.
   
• That said, renewed concerns over a global trade war which would hurt the global economy to keep Franc supported.
   
• AUD/CHF grinds lower below 5-DMA support, on track to test 20-DMA at 0.7367.
   
• Bearish divergence from price action on RSI and Stochs adds to bearish bias.

Support levels - 0.7391 (38.2% Fib retrace of 0.7242 to 0.7483 rally), 0.7367 (20-DMA), 0.7334 (61.8% Fib)

Resistance levels - 0.7429 (5-DMA), 0.7462 (50-DMA), 0.75

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-slips-below-hourly-cloud-eyes-1H-200-SMA-at-07395-stay-short-1204275) has hit TP1.

Recommendation: Bias lower, hold for further weakness.

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