AUD/CHF slips lower below 5-DMA support at 0.7442, currently trades at 0.7425, intraday bias lower.
SNB maintains status quo, leaves deposit rate unchanged at -0.75%, failed to provide any fresh impetus.
Renewed concerns over a global trade war lending some support the Swiss Franc's safe-haven appeal.
Technical studies are turning slightly bearish. Stochs are on the verge of a rollover from overbought levels.
Upside remains capped below 50-DMA and daily cloud also weighs on the upside.
We evidence bearish divergence from price action on RSI and Stochs which adds to bearish bias.
Price has slipped below hourly cloud and is on track to test 200-SMA at 0.7395. Violation there could see further weakness.
Support levels - 0.7395 (1H 200-SMA), 0.7364 (20-DMA), 0.7334 (61.8% Fib retrace of 0.7242 to 0.7483 rally)
Resistance levels - 0.7442 (1H 55-EMA & 5-DMA), 0.7467 (50-DMA), 0.75
Good to go short on rallies around 0.7425/35, SL: 0.7470, TP: 0.7395/ 0.7365/ 0.7335
SNB maintains status quo, leaves deposit rate unchanged at -0.75%, failed to provide any fresh impetus.
Renewed concerns over a global trade war lending some support the Swiss Franc's safe-haven appeal.
Technical studies are turning slightly bearish. Stochs are on the verge of a rollover from overbought levels.
Upside remains capped below 50-DMA and daily cloud also weighs on the upside.
We evidence bearish divergence from price action on RSI and Stochs which adds to bearish bias.
Price has slipped below hourly cloud and is on track to test 200-SMA at 0.7395. Violation there could see further weakness.
Support levels - 0.7395 (1H 200-SMA), 0.7364 (20-DMA), 0.7334 (61.8% Fib retrace of 0.7242 to 0.7483 rally)
Resistance levels - 0.7442 (1H 55-EMA & 5-DMA), 0.7467 (50-DMA), 0.75
Good to go short on rallies around 0.7425/35, SL: 0.7470, TP: 0.7395/ 0.7365/ 0.7335