FxWirePro: AUD/CHF struggles to extend recovery above 0.73 handle, bias lower

• AUD/CHF fell to 3-week lows at 0.7278 on Tuesday's trade, bias still lower.
   
• Recovery attempts in the pair have been capped below 20-DMA and upside is struggling to extend beyond 0.73 handle.
   
• The major is extending downside after rejection at major trendline resistance at 0.7410.
   
• Technical studies are also biased lower, and daily cloud also weighs heavily on the upside.
   

Support levels - 0.7280 (June 13 low), 0.7270 (May 5 low), 0.7211 (May 26 low)

Resistance levels - 0.7320 (5-DMA), 0.7340 (50-DMA), 0.7398 (38.2% Fib of 0.7807 to 0.7147 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CHF-rejected-at-major-trendline-resistance-at-07410-good-to-go-short-on-break-below-50-DMA-at-07345-776385) has hit all targets.

Recommendation: Book partial profits, lower trailing stop to 0.7320, target 0.7270/ 0.7215

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 82.165(Bullish), while Hourly CHF Spot Index was at 96.2727 (Bullish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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