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FxWirePro: EUR/CHF finds strong support at 200-DMA, break below will open downside

EUR/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- Recovery attempts capped at 5-DMA

- GMMA indicator shows minor trend is sharply bearish, while major trend is turning bearish

- Price action is below daily Ichimoku cloud and chikou span is biased lower, supporting further weakness

- Momentum strongly bearish, Stochs and RSI are sharply lower

- Price action has broken below major trendline support and ADX and MACD support further downside

Support levels - 1.0674 (200-DMA), 1.0611 (Lower W BB), 1.06 (July 2020 low)

Resistance levels - 1.0705 (5-DMA), 1.0715 (38.2% Fib), 1.0729 (21-EMA)

Summary: The single currency depressed ahead of ECB policy meeting. The central bank is expected to hold off on new measures and push forward any further easing to December. Technical studies support weakness. The pair finds strong support at 200-DMA. Break below will drag the pair lower. 

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