FxWirePro: AUD/CHF Trade Idea

AUD/CHF chart - Trading View 

- AUD/CHF recovery capped at 200-DMA, bias lower

- The pair has broken below major trendline support at 0.7165

- Stochs and RSI are sharply lower and MACD supports weakness, volatility is expanding 

- Shorter-term MAs have fallen below longer-term MAs on the GMMA indicator

- Price action is currently holding support at cloud base support, break below will see weakness

- Next major support lies at 38.2% Fib at 0.7045 and the lower BB at 0.6966

- 200-DMA is major resistance at 0.7124. Break above 55W EMA negates bearish bias

Support levels - 0.7045 (38.2% Fib), 0.70, 0.6966 (Lower BB)

Resistance levels - 0.7124 (200-DMA), 0.7196 (55-W EMA), 0.72

Recommendation: Stay short on break below cloud base, SL: 0.7125/ TP: 0.7045/ 0.70/ 0.6970

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