FxWirePro: AUD/CHF hovers around 'Wedge Base' support, further weakness only on break below

• AUD/CHF is trading in a rising Wedge pattern on weekly charts and price action is currently hovering around Wedge base.
   
• The pair is struggling to break below Wedge Base support at 0.7350. We see weakness only on break below.
   
• Technical studies are bearish. Price action is below cloud and major EMAs.
   
• The pair trades with bearish bias on the weekly charts, extends weakness for 4th consecutive week.
   
• We see spinning top formation at lows in the previous weeks’ candle which adds shows indecision.
   
• Break below Wedge base support could see test of 0.7020 levels (61.8% Fib).
   
• The pair has broken above 5-DMA, but is struggling to hold onto gains. We see bearish invalidation above 200-DMA.

Support levels - 0.7349 (5-DMA), 0.7250 (Wedge base), 0.7150 (50% Fib retrace of 0.6533 to 0.7806 rally)

Resistance levels - 0.74, 0.7467 (5W-SMA), 0.7505 (20-DMA)

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