AUDCHF - Bullish BiasAUD - BULLISH
1️⃣ Market participants remained cautiously optimistic as US Democrats cleared the path for the approval of President Joe Biden’s US$1.9 trillion COVID-19 relief package, while Speaker Nancy Pelosi predicted the final relief legislation could pass Congress before March 15.
2️⃣ Progress in coronavirus vaccinations continued fueling hopes for a strong global economic recovery.
CHF - BEARISH
1️⃣ Signs of progress on additional US stimulus measures pushed the yield on the benchmark 10-year government bond to near 10-month high touched in January.
2️⃣ SNB policymaker Andrea Maechler argued that benefits of negative rates outweigh the disadvantages and noted that the CHF's strength would put the Swiss economy in a much worse position if not for negative rates.
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Technical
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We are looking to buy the AUDCHF on the RBS + above SMA 50 on the H1 chart.
