FxWirePro: EUR/CHF extends choppy trade around 5-DMA, outlook bearish

EUR/CHF chart - Trading View 

EUR/CHF was trading in tight ranges with session high at 1.0826 and low at 1.0815.

Price action is grinding lower in 'Sloping Channel' pattern and the pair's bounce off channel base support failed to gain traction. 

After extending choppy trade around 5-DMA, price action is set to resume weakness. Channel base at 1.08 in sight.

The single currency remains under pressure ahead of the European Central Bank's (ECB) policy meeting.

After the dovish strategic review, the central bank is likely to strike a more dovish tone which could drag the pair lower. 

Risk-off market sentiment amid mixed clues concerning virus is likely to keep safe-haven demand for the swiss franc, weighing on the pair.

GMMA indicator shows major and minor trend are strongly bearish. Price action is below cloud and major moving averages.

Immediate support lies at channel base at 1.08. Breach below will see test of 76.4% Fib at 1.0776. Bearish invalidation only above 200-DMA.