FxWirePro: AUD/CHF recovery struggles at 55-EMA, bias bearish

AUD/CHF chart on Trading View used for analysis

• AUD/CHF retraces part of previous session's losses, but bias still bearish.
   
• Recovery in the pair is capped at 55-EMA, retrace above could see bounce till 200-DMA.
   
• The pair is extending downside after rejection at 200-DMA resistance. 
   
• Upbeat employment data could not put a bid under the Aussie, which was dented by Westpac's rate cut call.
   
• Major trend is bearish and we see bearish invalidation only on breakout above 200-W SMA at 0.7325.

Support levels - 0.71, 0.7076 (Feb 8 low), 0.7046 (Jan 25 low)

Resistance levels - 0.7127 (55-EMA), 0.7201 (200-DMA), 0.7237 (61.8% Fib)

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