FxWirePro: AUD/CHF confirms 'Death Cross' on hourly charts, scope for further downside

AUD/CHF chart - Trading View 

AUD/CHF has paused 2 straight sessions of downside and was trading at 0.6178 at around 11:25 GMT.

The pair finds strong support zone till 0.6165, decisive break below will see further weakness.

Analysis of GMMA indicator shows major trend is bearish and minor trend has turned bearish.

5-DMA has turned and an 'Inverted Hammer' formed on the previous week's candle adds to the bearish bias.

Stochastics and RSI have rolled over from overbought levels and Parabolic SAR supports weakness.

The pair also confirms 'Death Cross' (bearish 50-SMA crossover on 200-SMA) on hourly charts adding to the bearish bias.

Close below 21-EMA at 0.6165 will see dip till daily cloud. Retrace below cloud will confirm bearish continuation.

On the flipside, retrace above 110-EMA should take the pair higher to test 200-DMA. Breakout at 200-DMA required for upside continuation.