FxWirePro: AUD/CHF rejected at session highs, break below 20-DMA to see further weakness

AUD/CHF chart on Trading View used for analysis

• AUD/CHF rejected at session highs at 0.7066, slips lower to trade at 0.7042 at the time of writing.
   
• Technical studies for the pair are neutral to slightly bearish, we do not see any major signs of reversal.
   
• The pair finds strong support at 20-DMA at 0.7009, break below will see further weakness.
   
• Upside finds stiff resistance at 55-EMA at 0.7107. We see bearish invalidation only above 55-EMA.
   
• While on the downside, decisive break below 20-DMA will see resumption of  weakness, scope then for test of 0.68 levels.

Support levels - 0.7009 (20-DMA), 0.6877 (Sept 10, 18 low), 0.68 (78.6% Fib)

Resistance levels - 0.7020 (61.8% Fib), 0.7107 (55-EMA), 0.7124 (Oct 2 high)

Recommendation: Stay short on decisive break below 20-DMA, SL: 0.7030, TP: 0.6880/ 0.68