FxWirePro: EUR/CHF tests 76.4% Fib, breach below channel base opens downside
EUR/CHF chart - Trading View
EUR/CHF was trading rangebound on the day with session high at 1.0781 and low at 1.0772.
The pair is consolidating previous session's slump and breach below channel base support has opened downside.
Price action has tested and is hovering around 76.4% Fib at 1.0776, technical studies indicate more downside.
MACD is well below the zero level and ADX is rising with -ve DMI dominance, supporting more weakness.
Stronger economic data in the US and Eurozone improved the risk appetite and diminished demand for the safe-havens.
Focus now is on eurozone Unemployment Rate, Consumer Confidence data, and German Harmonized Inflation Rate for impetus.
Technical bias is bearish. Scope for test of trendline support at 1.0735 ahead of 88.6% Fib at 1.0716.