FxWirePro: EUR/CHF Trade Idea

EUR/CHF chart - Trading View 

EUR/CHF hits new 6-week lows at 1.1241, bias lower.

The pair has paused downside at strong trendline support at 1.1240.

Momentum studies are bearish. Price action has broken below daily cloud.

Stochs and RSI sharply lower. MACD supports further downside.

Next bear target lies at 1.1182 (Jan 3rd lows) and then 1.1161 (Mar 29 low).

5-DMA is immediate resistance at 1.1264. Break above eyes 50-DMA at 1.1313.

Recommendation: Stay short on break below 1.1240, SL: 1.13, TP: 1.12/ 1.1185/ 1.1160

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.