AUD/CHF breaks major support at 0.7235, short rallies
AUD/CHF has broken below major trendline support at 0.7235, intraday bias lower.
Aussie dented after China Caixin manufacturing PMI dipped into contraction territory in May, widely missing forecasts.
China's Caixin manufacturing PMI for May arrived at 49.6 vs 50.1 expected and 50.3 last, slipping into contraction on slower increases in output and new orders.
Slight rebound in Switzerland GDP after two disappointing quarters keeps CHF supported.
Data released earlier today showed Switzerland Gross Domestic Product (YoY) climbed from previous 0.6% to 1.1% in Q1.
AUD/CHF is currently hovering around 61.8% Fib of 0.6752 to 0.7806 rise. Break below finds next major support at 0.7032 (June 16 2016 low).
Bearish invalidation only on close above 20-DMA at 0.7305.
Support levels - 0.7155 (61.8% Fib), 0.7097 (June 24 2016 low), 0.7032 (June 16 2016 low)
Resistance levels - 0.7230 (5-DMA), 0.7235 (trendline support turned resistance), 0.7280 (50% Fib), 0.7305 (20-DMA)
Good to go short on rallies around 0.7190, SL: 0.7240, TP: 0.7155/ 0.71/ 0.7035
Aussie dented after China Caixin manufacturing PMI dipped into contraction territory in May, widely missing forecasts.
China's Caixin manufacturing PMI for May arrived at 49.6 vs 50.1 expected and 50.3 last, slipping into contraction on slower increases in output and new orders.
Slight rebound in Switzerland GDP after two disappointing quarters keeps CHF supported.
Data released earlier today showed Switzerland Gross Domestic Product (YoY) climbed from previous 0.6% to 1.1% in Q1.
AUD/CHF is currently hovering around 61.8% Fib of 0.6752 to 0.7806 rise. Break below finds next major support at 0.7032 (June 16 2016 low).
Bearish invalidation only on close above 20-DMA at 0.7305.
Support levels - 0.7155 (61.8% Fib), 0.7097 (June 24 2016 low), 0.7032 (June 16 2016 low)
Resistance levels - 0.7230 (5-DMA), 0.7235 (trendline support turned resistance), 0.7280 (50% Fib), 0.7305 (20-DMA)
Good to go short on rallies around 0.7190, SL: 0.7240, TP: 0.7155/ 0.71/ 0.7035
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