FxWirePro: EUR/CHF consolidates previous session's slump, bears eye cloud support
Chart - Courtesy Trading View
EUR/CHF was trading rangebound at 1.0341 at around 06:30 GMT, with session high at 1.0360 and low at 1.0327.
The pair is consolidating previous session's slump and is on track for further losses as technicals also turn bearish.
The Swiss franc strengthens across the board after the testimony of Swiss National Bank (SNB) Chairman Chris Jordan on Wednesday.
Jordan said that the Swiss franc (CHF) is a safe-haven asset and continuation of a negative monetary policy is necessary to justify the inflation parameter.
He added that the targeted inflation figure at 2% has been well maintained and any temporary rise above the targeted figure will be diluted quickly by SNB intervention.
EUR/CHF stays rejected at 200-DMA, price action has slipped below 110-EMA and is holding above 55-EMA support.
Price action has broken below 200H MA and GMMA shows major and minor trend have turned bearish on the intraday charts.
Stochs and RSI have rolled over from overbought levels and RSI has slipped below the 50 mark
55-EMA is immediate support at 1.0318, break below will find strong support at daily cloud. Breach below cloud will accentuate weakness.