- AUD/CHF fails to hold gains above 20-DMA, is extending downside for 2nd consecutive session.
- The pair has broken below major channel base support at 0.7645 on Wednesday's trade.
- Weaker-than-expected China CPI data weighs on the Aussie.
- Technical studies are supporting downside in the pair, RSI is nicely converging with price action.
- Immediate support lies at 0.7597 (50-DMA), break below will see further drag till 0.7550 (100-DMA).
Support levels - 0.7597 (50-DMA), 0.7550 (100-DMA), 0.7471 (Dec 6 low)
Resistance levels - 0.7655 (5-DMA), 0.7700 (20-DMA), 0.7735 (Mar 7 high)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Bearish Neutral
1D Bearish Neutral
1W Neutral Neutral
Recommendation: Good to go short on rallies around 0.7635/40, SL: 0.77, TP: 0.76/ 0.7550
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -128.949(Highly Bearish), while Hourly CHF Spot Index was at 95.4985 (Bullish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
