FxWirePro: AUD/CHF hovers around strong support at 110-EMA, break below to see major weakness

AUD/CHF chart on Trading View used for analysis

• AUD/CHF has resumed downside after brief pause on Wednesday's trade.
   
• Price is extending weakness after failure to hold break above 200-DMA, slips lower with a spinning top formation.
   
• Technical indicators on daily charts are bearish. Stochs and RSI have rolled are biased lower.
   
• We see bearish divergence on RSI and Stochs which adds to the bearish bias.
   
• 5-DMA is sharply lower and MACD is showing a bearish crossover on signal line.
   
• The pair is currently holding strong support at 110-EMA, break below to see major weakness.
   
• Next major support below 110-EMA lies at 21-EMA at 0.7212 ahead of 0.7136 (converged trendline and cloud top)

Support levels - 0.7198 (110-EMA), 0.7212 (21-EMA), 0.7136 (cloud top and trendline), 0.71

Resistance levels - 0.7213 (5-DMA), 0.7292 (200-DMA), 0.73

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