FxWirePro: AUD/CHF upside capped at daily cloud, slumps with 'Shooting Star' formation, bias lower

• AUD/CHF extends weakness after upside was rejected at daily cloud.
   
• The pair is trading 0.67% lower on the day at 0.7347 at the time of writing.
   
• We evidence a 'Shooting Star' pattern formed on the daily charts which supports further weakness in the pair.
   
• Price action has retraced below 21-EMA and 5-DMA, eyes major trendline support (Triangle Base) at 0.7280.
   
• Breach at 'Triangle Base' raises scope then for test of 0.7242 (2018 lows).
   
• MACD and ADX in support of further weakness. Stochs are on verge of rollover from oversold levels and RSI shows weakness.
   
• Bearish invalidation only on break above cloud base. 

Support levels - 0.73, 0.7280 (trendline), 0.7263 (Mar 28 low), 0.7242 (2018 lows till date)

Resistance levels - 0.7366 (5-DMA), 0.7370 (21-EMA), 0.74

Recommendation: Good to stay short on upticks, SL: 0.7375, TP: 0.73/ 0.7280/ 0.7245

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -163.888 (Bearish), while Hourly CHF Spot Index was at 27.4375 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.