FxWirePro: AUD/CHF breaks channel base support, good to go short on rallies

• AUD/CHF fails to hold gains above 20-DMA, is extending downside for 2nd consecutive session.
   
• The pair has broken below major channel base support at 0.7645 on Wednesday's trade.
   
• Weaker-than-expected China CPI data weighs on the Aussie. 
   
• Technical studies are supporting downside in the pair, RSI is nicely converging with price action.
   
• Immediate support lies at 0.7597 (50-DMA), break below will see further drag till 0.7550 (100-DMA).  

Support levels - 0.7597 (50-DMA), 0.7550 (100-DMA), 0.7471 (Dec 6 low)

Resistance levels - 0.7655 (5-DMA), 0.7700 (20-DMA), 0.7735 (Mar 7 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go short on rallies around 0.7635/40, SL: 0.77, TP: 0.76/ 0.7550

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -128.949(Highly Bearish), while Hourly CHF Spot Index was at 95.4985 (Bullish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.