FxWirePro: CAD/CHF recovery capped at daily cloud, intraday bias lower

CAD/CHF chart on Trading View used for analysis 

• CAD/CHF is extending weakness on the day after minor recovery attempts on Thursday were capped at daily cloud.
   
• The pair trades with a bearish bias on the intraday charts and we see scope for weakness.
   
• Price action is below daily cloud and major moving averages and we see convergence with RSI and Stochs.
   
• The pair has broken below 200W SMA and close below for the week confirms further downside.
   
• Next major bear target lies at 0.7355 (trendline support). While retrace above 200-DMA negates bearish bias.
   
• Focus on Canadian monthly GDP data due later in the day for fresh impetus.

Support levels - 0.7395 (June 22 low), 0.7355 (trendline)

Resistance levels - 0.7501 (5-DMA), 0.7516 (200W SMA), 0.7557 (200-DMA)

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