- AUD/CHF finds strong support at 0.7265 (major trendline), we see weakness on break below.
- Technical studies are bearish. Price action is below cloud and major EMAs.
- The pair trades with bearish bias on the weekly charts, extends weakness for 4th consecutive week.
- The pair is trading in a rising channel on weekly charts and is currently hovering around channel base.
- Break below 0.7265 channel base support) could see test of 0.7020 levels (61.8% Fib).
- Decisive breakout at 5-DMA could see upside till 20-DMA, bearish invalidation above 200-DMA.
Support levels - 0.7265 (major trendline), 0.7150 (50% Fib retrace of 0.6533 to 0.7806 rally)
Resistance levels - 0.7348 (5-DMA), 0.7474 (21-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-slips-below-100W-SMA-at-07467-break-below-074-to-see-further-weakness-1130137) has hit all targets.
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