FxWirePro: AUD/CHF poised for minor correction, break below 200H MA to confirm weakness

AUD/CHF chart - Trading View 

AUD/CHF was trading 1.22% lower on the day at 0.6110 at around 11:25 GMT after 'Spinning Top' formation on the previous day's candle.

After gaining over 16% from 2020 lows at 0.5341, the pair is showing signs of minor correction.

Stiff resistance is seen at 50-DMA and daily cloud. Technical studies show oscillators are at overbought levels.

GMMA shows shift in major and minor trend on the hourly charts. Daily charts show neutral trend.

RSI has turned and Stochastics are on verge of rollover from overbought levels. 

The pair finds strong support at 200H MA at 0.6050. Break below will confirm further weakness.

Next immediate support lies at 21-EMA at 0.6021 ahead of 38.2% Fib at 0.5932 and 20-DMA at 0.5929. 

On the flipside, decisive break above 55-EMA required for upside continuation.