FxWirePro: NZD/JPY Interim Rallies Seem Deceptive, Major Downtrend Still Intact In Falling Wedge – Trading & Hedging Setup
FxWirePro: EUR/CHF breaks below daily cloud, further weakness on charts
EUR/CHF chart - Trading View
EUR/CHF was trading marginally higher at 1.0616 at around 06:00 GMT.
The pair has broken below daily cloud and other technical indicators support further weakness.
Major trend in the pair is turning bearish, while minor trend is strongly bearish. Momentum studies are strongly bearish.
The shared currency remains at the mercy of the broader market sentiment. News flow from Eurozone EcoFin Meeting may have impact on price movements.
Recovery attempts lack traction. Resumption of weakness likely. Next immediate support lies at 78.6% Fib at 1.0591.
On the flipside, 21-EMA is strong resistance at 1.0648. Break above 200-DMA negates bearish bias.