FxWirePro: AUD/CHF struggles to hold above 5-DMA, good to go short below 20-DMA at 0.70

AUD/CHF chart on Trading View used for analysis

• AUD/CHF recovery fails to gain traction, pair slips below 5-DMA at 0.7019.
   
• The pair is trades 0.13% lower on the day at 0.7015 at the time of writing.
   
• Technical studies for the pair are bearish, we do not see any major signs of reversal.
   
• We see strong support at 20-DMA at 0.7004, break below will see further weakness.
   
• Decisive break below 20-DMA will see further weakness, scope then for test of 0.68 levels.
   
• On the flip side, we see bearish invalidation only above 55-EMA at 0.7109.

Support levels - 0.7004 (20-DMA), 0.6877 (Sept 10, 18 low), 0.68 (78.6% Fib)

Resistance levels - 0.7020 (61.8% Fib), 0.7027 (21-EMA), 0.7109 (55-EMA)

Recommendation: Stay short on decisive break below 20-DMA, SL: 0.7030, TP: 0.6880/ 0.68 

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 2.65821 (Neutral), while Hourly CHF Spot Index was at 5.94462 (Neutral) at 1115 GMT.

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.