FxWirePro: EUR/CHF finds strong support at 20W MA, break below required for further downside

EUR/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/CHF was trading largely unchanged on the day at 1.0953 at around 09:00 GMT

- The pair has formed successive spinning tops on the daily candles, suggesting indecision

- Downside has paused at cloud base support 

- The pair finds strong support at 110-EMA (1.0936) and 20W MA (1.0939)

- Technical indicators are biased lower, momentum is still with the bears

- Price action is well below 200H MA and GMMA indicator shows bearish shift in near-term trend

Support levels - 1.0939 (20W MA), 1.0936 (110-EMA), 1.0849 (200-DMA)

Resistance levels - 1.0955 (5-DMA), 1.0988 (55-EMA), 1.0995 (21-EMA)

Summary: EUR/CHF trades with a bearish bias. However, the pair finds strong support till 1.0936. Watch out for break below for more weakness. On the flip side, bounce off 110-EMA support and retrace above 55-EMA will negate any further bearishness for the pair.