FxWirePro: AUD/CHF slips below 21-EMA, MACD flashes bearish crossover suggesting further downside

AUD/CHF chart - Trading View 

Technical Analysis: Bias Turning Bearish

- Pair breaks below 21-EMA, upside remains capped at 5-DMA

- GMMA indicator shows near-term moving averages have turned bearish

- Momentum indicators are biased lower, Stochs and RSI are biased lower

- MACD has confirmed a bearish crossover on signal line

- 5-DMA shows bearish crossover on 20-DMA, adds to the bearish bias

Support levels - 0.6589 (55-EMA), 0.6558 (110-EMA), 0.6542 (Cloud top)

Resistance levels - 0.6625 (21-EMA), 0.6630 (5-DMA), 0.6650 (20-DMA)

Summary: Australian dollar trades weak after Australia Retail Sales data disappoints. Data released earlier today showed Australia's consumer spending rose 1.4% month-on-month in October, missing the preliminary estimate and the previous month's increase of 1.6%. Despite a miss on forecasts at 1.6%, retail sales remains strong. AUD/CHF technical bias has shifted bearish. Scope for test of daily cloud at 0.6542.