FxWirePro: EUR/CHF extends previous session's gains, edges above 5-DMA
EUR/CHF chart - Trading View
Technical Analysis: Bias Bearish
- EUR/CHF is extending recovery from fresh 9-month lows hit on Wednesday's trade
- Price action in the pair has bounced off weekly cloud base and 88.6% Fib and has edged above 5-DMA
- Stochs are at oversold levels and RSI is on verge of rollover from oversold
- GMMA indicator shows major and minor trend are strongly bearish
- The pair is trading below cloud and major moving averages
- MACD is well below zero and ADX also supports downside
- 'Death Cross' confirmed on the daily charts keeps upside limited
Support levels - 1.0716 (88.6% Fib), 1.07, 1.0660 (Nov 2020 low)
Resistance levels - 1.0771 (200H MA), 1.08 (21-EMA), 1.0865 (55-EMA)
Fundamental Overview: The data published by the German Federal Statistics Office Destatis showed earlier on Thursday that Germany orders for industrial goods rose by 4.1% on the month in seasonally adjusted terms.
Today's data beat estimates for a rise of 1.9%, erasing the previous month's 3.7% drop. However, on a year-on-year basis, German Factory orders missed estimates for 67.5% rise and rose 26.2%. Mixed data had little impact on the single currency.
Summary: EUR/CHF trades with a major bearish bias. Upticks on account of oversold conditions maybe limited. 21-EMA is major resistance at 1.08. Breakout could change near-term dynamics.