AUD/CHF jumps to highest since April 2015

AUD/CHF rose to 0.7667, the highest level since April 2015 after the data released in China showed a sharp rise in the exports and imports in CNY terms in January.

Trades above monthly pivot resistance

The cross was last seen trading above 0.7648. The Aussie dollar surged after China reported 15.9% y/y rise in exports and 25.5% rise in imports in CNY terms.

The stellar numbers are seen boosting risk assets in Europe and US, thus the demand for the safe haven currencies like CHF and JPY may drop further during the day ahead.

Add to the mix, the revival of the Trump trade following Trump’s tax talk and what we have a perfect recipe for risk-on action in the markets.

AUD/CHF Technical Levels

A daily close above 0.7667 (session high) would open the doors to 0.7750 (descending trend line coming from Aug 2012 high and Apr 2013 high). On the downside, the session low of 0.7629 could offer support, which, if breached would expose 5-DMA at 0.7619.