FxWirePro: AUD/CHF struggles at 200-DMA, further upside only on break above

AUD/CHF chart on Trading View used for analysis

• AUD/CHF is trading in a narrow range, at 0.7210 at 0645 GMT.
   
• The pair has been capped at 200-DMA and is struggling to break above from many sessions.
   
• Aussie subdued on dismal building permits data which printed at -8.4% m/m in Dec, missing forecasts at 1.8%.
   
• Stochs are at overbought levels and we could see some correction.
   
• On the weekly charts also, the pair finds major resistance at 55W EMA at 0.7244. Break above to see further gains.
   
• We see immediate support at 5-DMA at 0.7194. Break below 5-DMA will see dip till 21-EMA at 0.7128.
   
• Violation at 21-EMA support will see extention of weakness. Test of 0.6875 then likely.

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