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FxWirePro: EUR/CHF Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/CHF was trading 0.05% lower on the day at 1.0226 at around 09:35 GMT

- The pair is extending weakness for the third consecutive session

- Price action struggles to hold break above daily cloud, slips below 50-DMA

- Momentum has turned bearish, RSI has slipped below 50 mark

- MACD is on verge of bearish crossover on signal line

- Price action has slipped below 200H MA and GMMA shows bearish shift on the intraday charts

Support levels:

S1: 1.0202 (20-DMA)

S2: 1.0087 (April low)

Resistance levels:

R1: 1.0259 (200H MA)

R2: 1.0270 (55-EMA)

Summary: EUR/CHF has been rejected at 110-EMA and has retraced below daily cloud. Scope for further downside. Dip till 20-DMA likely, break below will confirm further downside.
 

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