- Aussie on the back-foot ahead of Wednesday's inflation figures, AUD/CHF retain control.
- The pair is consolidating previous session's slump, where price was rejected at 21-EMA and the pair closed 50 pips lower from session highs.
- Price action extends in a 'Symmetric Triangle' pattern and price is testing 'Triangle Base' support.
- The pair trades below cloud and major EMAs and next bear target lies at 0.7285 ('Triangle Base').
- Technical analysis supports downside. Violation at 0.7285 could see further drag lower.
- Bounced off triangle base have been capped at 110-EMA and we see upside only on breakout above 110-EMA.
Support levels - 0.7297 (78.6% Fib), 0.7285 ('Triangle Base'), 0.7242 (Mar 2 low)
Resistance levels - 0.7350 (5-DMA), 0.7368 (21-EMA), 0.7395 (61.8% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -146.43 (Neutral), while Hourly CHF Spot Index was at 97.1551 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
