FxWirePro: AUD/CHF recovery capped at 21-EMA, good to go short below 0.7050

AUD/CHF chart - Trading View 

• AUD/CHF has pauses 3 straight sessions of downside and is currently trading at 0.7065, up 0.16% at the time of writing.
   
• Recovery attempts in the pair have been capped at 20-DMA which is stiff resistance at 0.7103.
   
• Major trend in the pair is bearish. Price action has dipped into daily cloud and there is scope for further weakness.
   
• Technical indicators on the daily charts are bearishly aligned. RSI has dipped below 50 and is biased lower.
   
• The pair is holding support at strong horizontal trendline at 0.7050. Break below will confirm further weakness.
   
• On the upside, immediate resistance is seen at 5-DMA at 0.7075. Break above 100-DMA could see short-term bullishness.

Support levels - 0.7050 (trendline), 0.7027 (cloud base), 0.6969 (Oct 11 low)

Resistance levels - 0.7075 (5-DMA), 0.7103 (20-DMA), 0.7139 (100-DMA)

Recommendation: Watch out for break below 0.7050 to go short.

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