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Australian Dollar/Swiss Franc (AUD/CHF) Exchange Rate
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Australian consumer confidence rebounded and the wage price index showed solid growth which helped stabilize the AUD/CHF inside of its short-term support zone.
Australian economic data was mixed, Chinese data came in a touch softer and overall global data showed that the economy remains fragile at best.
As the US and China continue to negotiate the details of their trade truce, traders were reminded that not all is as great as it appears.
Optimism about a real US-China trade deal is fading quickly, especially after the US House of Representatives passed the “Hong Kong Human Rights And Democracy Act” which supports anti-government protesters.
After the RBA cut interest rates to 0.75% as was widely expected, the AUD/CHF dropped from its 61.8 Fibonacci Retracement Fan Resistance Level into its short-term support zone from where bearish momentum eroded quickly.
As global uncertainty roes from political issues to economies worries and trade fears, the Swiss Franc attracted safe haven demand as traders adjusted risk profiles.
The strong rally in the AUD/CHF, which originated from its intra-day low of 0.64933, is now exhausted and a sideways trend started inside of its resistance zone.
The Australian dollar has chop around against many of the world’s largest currencies, and the Swiss franc hasn’t been any different.
The Australian dollar measured against the Swiss franc is a major way to express your risk appetite of global assets.
The Australian dollar has bounced a bit against the Swiss franc and other currencies during the last 30 days.
The Australian dollar has sold off against the Swiss franc during the month of May, as we have broken an uptrend line.
Get the Forex forecast focusing on major currency pairs for the week of March 6, 2017 here.
Get the AUD/CHF Forex Signal for February 24, 2017 here.
Trade can be entered as late as 8 AM New York time, or afternoon London.
The AUD/CHF pair rallied during the day on Monday, as we saw quite a bit of strength in this particular currency pair.
The AUD/CHF pair had a positive session on Thursday, testing the 0.7250 level.
The AUD/CHF pair fell during the course of the day on Monday, testing the 0.7250 level.
The AUD/CHF pair went back and forth during the course of the day on Monday, as we have recently broken out, and then pulled back looking for support at the previous resistance.
During the session on Friday, you can see that the AUD/CHF pair broke out to the upside. In fact, we not only broke out to a fresh, new high but we also broke above the top of the shooting star from the previous Thursday session.
The AUD/CHF is one of my favorite pairs to trade overall, simply because it is a basic assessment of risk appetite around the world. Quite frankly, the Australian dollar although a major currency, is considered to be a bit risky.