FxWirePro: AUD/CHF grinds lower along 50-DMA, good to stay short on break below 21-EMA

AUD/CHF chart on Trading View used for analysis

• AUD/CHF rejected at session highs at 0.7071, extends weakness below 50-DMA.
   
• The pair trades largely muted on the day at 0.7043 at the time of writing, bias neutral to slightly bearish.
   
• The pair finds stiff resistance at 50-DMA and daily cloud and we see further upside only on break above.
   
• 21-EMA is immediate support at 0.7031, we see weakness on break below.
   
• Technical indicators are neutral to slightly bearish on the daily charts. Successive spinning tops raises scope for weakness. 
   
• Price action below daily cloud and major moving averages. Break below 21-EMA will see test of 0.6875 levels. (Sept lows).

Support levels - 0.7031 (21-EMA), 0.70, 0.6970 (Oct 11 low)

Resistance levels - 0.7071 (50-DMA), 0.7082 (cloud base) 

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