AUD/CHF chart - Trading View
- AUD/CHF extends weakness below cloud, Aussie depressed following the release of the dismal Australian home loans data.
- Australia home loans fell 2.5% in March, reversing the 2% rise seen in February, missing expectations for a 0.5% rise.
- The latest data will likely boost dovish expectations from the Reserve Bank of Australia’s (RBA).
- Antipodeans also under pressure as Sino-US trade war shows little signs of de-escalation.
- On Saturday, Trump warned China on retaliatory tariffs. While, China warned Trump not to underestimate China’s will and endurance to fight.
- Price action has been capped below 200-DMA and break below daily cloud has opened up further downside.
- Next major support lies at 38.2% Fib at 0.7045. Break below will see dip till 0.6975 (50% Fib).
- Cloud top caps upside at 0.7084. Break above could see retrace till 200-DMA.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-Trade-Idea-1535504) is progressing well.
Recommendation: Hold for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
