FxWirePro: AUD/CHF finds stiff resistance at 4H 200-SMA, bullish divergence keeps scope for upside

• AUD/CHF rejected at session highs at 0.7343, slips lower to currently trade at 0.7326 levels.
   
• The antipodeans remain depressed after weaker-than-expected China PMI data.
   
• China's PMI came in at 51.0, missing 51.7 expected and compared to the previous period's reading of 51.6.
   
• Price action finds stiff resistance at 4H 200-SMA at 0.7349, break above could see further upside.
   
• Technical indicators on intraday charts are neutral. RSI below 50 levels. Stochs are biased lower and MACD is below zero levels.
   
• That said, we see bullish divergence on RSI and Stochs which keeps scope for upside in the pair.
   
• Break below major support at 0.7260 will see further weakness. Scope then for test of 0.7148 levels.

Support levels - 0.7317 (5-DMA), 0.7266 (Feb 9th low), 0.7260 (trendline), 0.7242 (March 2 low)

Resistance levels - 0.7349 (4H 200-SMA), 0.7362 (20-DMA), 0.74

Recommendation: Watch out for break above 4H 200-SMA to go long, SL: 0.7315, TP: 0.7375/ 0.74.

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