FxWirePro: CAD/CHF recovery capped at 200-DMA, slips below cloud, good to short rallies

CAD/CHF chart on Trading View used for analysis

• CAD/CHF is trading 0.18% lower on the day at 0.7495 at the time of trading.
   
• The pair trades below 200-DMA and recovery attempts were capped at stiff resistance at 200-DMA.
   
• Price action has slipped below daily cloud and we see scope for further weakness.
   
• Technical studies support downside and momentum studies are bearish.
   
• Stochs and RSI are sharply lower and MACD supports further weakness.
   
• The pair has slipped below 200W SMA and weakness till 0.7360 (trendline support) likely.

Support levels - 0.7471 (Nov 20 low), 0.7395 (June 22 low)

Resistance levels - 0.7524 (5-DMA), 0.7556 (200-DMA)

Recommendation: Good to stay short on upticks, SL: 0.7560, TP: 0.7470/ 0.74/ 0.7360

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