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FxWirePro: EUR/CHF finds strong support at 20-DMA, break below to see more weakness

Chart - Courtesy Trading View 

EUR/CHF was trading 0.20% lower on the day at 1.0206 at around 05:30 GMT.

The pair is extending weakness for the 4th straight session, slips below 21-EMA.

Price action finds strong support at 20-DMA, break below will drag the pair lower.

Momentum has turned bearish, RSI has slipped below 50 mark. Stochs show bearish momentum.

MACD is on verge of bearish crossover on signal line, price action is now below 200H MA.

GMMA indicator shows major trend is bearish, while minor trend is turning bearish again.

Support levels:

S1: 1.0201 (20-DMA)

S2: 1.0087 (April low)

Resistance levels:

R1: 1.0230 (20-DMA)

R2: 1.0262 (200H MA)

Summary: EUR/CHF has been rejected at 110-EMA and has retraced below daily cloud. Scope for further downside. Break below 20-DMA will drag the pair lower.
 

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