I had a different angle on this question - for the AUD asset, assuming the asset value to be x in BRL in six months.
If you choose to hedge, you are locking it at at forward at 2.1523, ie, the asset will x/2.1523.
However, if you choose not to hedge, the asset will be worth at x/2.0355.
Obviously, the latter is greater than the former so there is no reason to hedge. Same logic applies for the CHF asset.
So I think my logic makes sense but not sure why I got the wrong answer.
