AUDCHF Chart Technical Outlook has strong resistance at 0.5880 in a broadly bearish bias
AUD/CHF has been correcting higher since mid-August in a broadly bearish bias. It has more room for the upside. CHF is under pressure after the dovish hold from the SNB last week.
The risk-off sentiment and more bad news from China could limit the gains in AUD.
It has a cluster resistance at 0.5880, an overlap of a 50% Fibo retracement level, the daily ATR range, and a previously broken support-turned-resistance.
Technical indicators support the short-term bullish bias, while retailers’ sentiment prefers the broad bearish one.
Resistances: 0.5880, 0.5950
Supports: 0.5810, 0.5730