- AUD/CHF rejected at session highs at 0.7390, slips lower to currently trade at 0.7359 levels.
- Daily cloud is stiff resistance on the upside, price action is struggling to break above from many sessions.
- Technical indicators are turning bearish. RSI has slipped below 50 levels and Stochs are on verge of rollover from overbought.
- That said, a bullish divergence in RSI keeps scope for upside. Breakout above cloud see further upside.
- Focus this week will be RBA Lowe's speech on Wednesday after last week's dovish showing from the central bank.
- On the data front we have Australia’s business confidence, consumer sentiment and home loan approvals which could impact price action.
Support levels - 0.7353 (converged 20-DMA & 1H 200-SMA), 0.7266 (March 27 low), 0.7242 (March 1 low)
Resistance levels - 0.7370 (cloud base), 0.7380 (5-DMA), 0.7428 (38.2% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -140.566 (Bearish), while Hourly CHF Spot Index was at 30.4266 (Neutral) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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