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FxWirePro: EUR/CHF erases early gains, focus on Switzerland Retail Sales data

Monday, August 31, 2020 6:24 AM UTC

EUR/CHF chart - Trading View

EUR/CHF has slipped lower from session highs at 1.0773 and was trading largely muted at 1.0755 at round 06:05 GMT.

Caution likely ahead of Switzerland Retail Sales data due at 06:30 GMT. Retail Sales is forecast to fall 5.5% y/y in July compared to 1.1% rise in the previous month.

Technical indicators support gains. Major trend is bullish, but minor trend has gone neutral as evidenced by the GMMA indicator.

The pair has bounced off 55-EMA with a Doji on August 27th trade. Weakness only on breach below.

Any positive sign in Retail Sales data could support the Swiss franc, weighing on the pair. Violation at 200-DMA support opens downside.

Support levels - 1.0728 (55-EMA), 1.0708 (110-EMA), 1.0699 (200-DMA)

Resistance levels - 1.0762 (20-DMA), 1.0784 (55W EMA), 1.0806 (Upper BB)

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FxWirePro: EUR/CHF erases early gains, focus on Switzerland Retail Sales data

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