FxWirePro: AUD/CHF extends weakness below 200-DMA, refreshes 6-month lows

AUD/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/CHF is extending weakness below 200-DMA, refreshes 6-month low

- Price action has slipped below 50% Fib retracement, next major support lies at 61.8% Fib

- GMMA shows major and minor trend are strongly bearish on the daily and weekly charts

- Momentum indicators are bearish, Stochs and RSI are sharply lower

- The pair is grinding lower for the 4th straight week, eyes weekly cloud support

- MACD is below zero level and ADX is rising in support of downside with -ve DMI dominance

Support levels - 0.6710 (61.8% Fib), 0.6696 (Weekly cloud top), 0.6649 (20-month MA)

Resistance levels - 0.6807 (5-DMA), 0.6840 (200H MA), 0.6876 (200-DMA)

Summary: AUD/CHF was trading 0.35% lower on the day at 0.6773 at around 10:15 GMT. The pair has hit fresh 6-month lows. Bearish technical bias and risk-off market sentiment is likely to drive further weakness. Scope for test of 61.8% Fib at 0.6710.