- AUD/CHF capped below major trendline resistance at 0.7570, we see upside only on break above.
- The pair extends choppy trade around 200-DMA, break above 0.7570 to see further bullishness.
- Aussie bulls dented on Trade Balance miss, AUD/CHF trades 0.32% lower on the day.
- Australian Trade Balance figures contracted more than expected weighing on the AUD.
- The Australian Trade Balance came in at $977 million (in AUD terms), a worse-than-expected contraction compared to the forecast $1 billion measure.
- Price continues to hold above 200-DMA, raising scope for further upside. Break above trendline likely to see test of 0.76 levels.
- On the flipside, the pair finds immediate support at 21-EMA at 0.7504. Break below daily cloud to see major weakness.
Support levels - 0.7523 (200-DMA), 0.7504 (21-EMA), 0.7474 (50-DMA)
Resistance levels - 0.7570 (Trendline), 0.76, 0.7695 (Dec 27 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-finds-major-resistance-at-200-DMA-07524-good-to-go-long-on-break-above-1346706) has hit TP1.
Recommendation: Watchout for break above trendline at 0.7570 for further gains.
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