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FxWirePro: EUR/CHF capped between 55 and 110 EMA, breakout to provide clear direction

EUR/CHF chart - Trading View 

Technical Analysis: Bias Neutral

GMMA Indicator

- Minor trend is bearish, while major trend is neutral on the daily charts

- On the weekly charts, major trend is bullish, while minor trend remains neutral

Ichimoku Analysis

- Price action is hovering around cloud base, Chikou span is biased lower

- The pair is struggling to retrace dip below daily cloud

Oscillators

- Stochs and RSI point to a bearish momentum

- Stochs on the daily charts have approached oversold territory, but no signs of reversal seen

Bollinger Bands

- Wide and expanding Bollinger bands suggest high volatility

Major Support Levels: 1.0938 (110-EMA), 1.0909 (Lower BB), 1.0854 (200-DMA)

Major Resistance Levels: 1.0981 (55-EMA), 1.10, 1.1083 (55-month EMA)

Summary: EUR/CHF remains capped between major exponential moving averages. Decisive breakout will provide a clear directional bias. Technical analysis suggests bias is tilted towards the downside. However, breakout above 55-EMA will change near-term dynamics.
 

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