FxWirePro: AUD/CHF retraces below 200-DMA, stay short on decisive break below 55-EMA at 0.7193

AUD/CHF chart on Trading View used for analysis

• AUD/CHF is trading 0.71% lower on the day at 0.7199 at the time of writing.
   
• The pair has retraced break above 200-DMA and is extending declined for the 4th straight session.
   
• Aussies weakens across the board after series of poor data which has strengthened RBA stance to stay pat.
   
• After dismal Q3 GDP showing on Wednesday, Australia's Trade Balance unexpectedly declined in October.
   
• Data released earlier today showed Australia’s trade surplus narrowed to A$2.3 billion in October from A$2.9 billion the previous month.
   
• Traders largely ignored positive retail sales which were up 0.3% m/m in Oct versus a +0.2% forecast and accelerating from the +0.1% in Sept.
   
• Technical indicators have turned bearish on daily charts, RSI and Stochs are sharply lower.
   
• The pair has broken below 110-EMA and is holding support at 55-EMA at 0.7193. Break below will see further weakness.
   
• On the flipside, immediate resistance is seen at 23.6% Fib at 0.7258. Bullish continuation only above 200-DMA.

Support levels - 0.7193 (55-EMA), 0.7166 (Lower BB), 0.7066 (61.8% Fib)

Resistance levels - 0.7243 (21-EMA), 0.7258 (20-DMA), 0.7282 (5-DMA)

Recommendation: Good to go short on decisive break below 55-EMA, SL: 0.7250, TP: 0.7165/ 0.71/ 0.7070

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