AUDCHF Chart Technical Outlook trades at the mid-range of a correction, offering no value for traders
AUD/CHF broad bias is bearish. The pair completed a three-wave corrective pattern last week and bounced lower this week but has stalled at the previous week’s low.
The pair is at a crossroads to extend the correction or resume the trend, with no real value for both bulls and bears at the current prices.
I expect an initial upward price action but not a leap unless the sentiment shifts to risk appetite.
US ISM Services PMI is today’s main calendar event, with a consensus of inching lower. A below-expectation reading would boost sentiment and spur more upside correction in the pair.
If data surprises and prints an above-expected figure, AUD/CHF would bounce lower.
Resistances: 0.5710, 0.5750
Supports: 0.5650, 0.5620
