FxWirePro: AUD/CHF holds support at 100-DMA (0.7468), 'Bearish Bat' pattern keeps scope for downside

• AUD/CHF pauses downside at 100-DMA support at 0.7468, we see weakness on break below.
   
• The pair has failed to extend gains above 200-DMA, and is retracing from 3-month highs at 0.7567.
   
• Price action hovers around daily Ichimoku cloud, and break below 100-DMA raises scope for test of 21-EMA at 0.7433.
   
• We evidence a 'Bearish Bat' formation on daily charts which adds to the bearish bias.
   
• Stochs are on verge of a rollover from overbought levels and bullish momentum is fading.
   
• Violation at 21-EMA will see further weakness. While on the flipside, 200-DMA is major resistance, any further upside only on decisive break above.
   
• Focus now on Australia inflation numbers, weak data could push the Aussie lower.

Support levels - 0.7468 (100-DMA), 0.7433 (21-EMA), 0.7428 (38.2% Fib), 0.74

Resistance levels - 0.7502 (5-DMA), 0.7544 (converged 200-DMA & 61.8% Fib), 0.7567 (Apr 19 high)

Recommendation: Good to go short on break below 100-DMA, SL: 0.75, TP: 0.7430/ 0.74/ 0.7360.

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