- AUD/CHF extends weakness for 2nd straight week, bias still bearish.
- Antipodeans dampened by risk-off amidst US-China trade wars.
- The pair failed at 21-EMA at 0.7374, and is on track to test major trendline support at 0.7260.
- Technical studies are bearish. RSI below 50 levels. Stochs are biased lower and MACD is well below zero levels.
- Break below major support at 0.7260 will see further weakness. Scope then for test of 0.7148 levels.
- On the flipside, 5-DMA at 0.7331 is immediate resistance. Breakout above 21-EMA invalidates bearish bias.
Support levels - 0.7266 (Feb 9th low), 0.7260 (trendline), 0.7242 (March 2 low)
Resistance levels - 0.73, 0.7330 (5-DMA), 0.7365 (21-EMA), 0.74
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-fails-at-21-EMA-at-07374-good-to-go-short-on-rallies-1216493) has hit TP1.
Recommendation: Bias lower, hold for targets.
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