FxWirePro: EUR/CHF extends weakness, upbeat Eurozone Industrial Production data fails to impress
Chart - Courtesy Trading View
EUR/CHF was trading 0.13% lower on the day at 0.9703 at around 11:15 GMT, bias is bearish.
The pair is grinding lower, hits fresh seven year low at 0.9687 before retracing some losses.
Data released earlier on Friday showed Eurozone’s Industrial Production increased more than expected in June.
Eurozone’s industrial output increased 0.7% MoM, beating expectations for a 0.2% rise and compared to 2.1% last.
On an annualized basis, the block's industrial output rose by 2.4% in June versus a 0.8% rise expected and May’s 1.6%.
Upbeat data published by Eurostat suggested that the bloc’s manufacturing sector activity recovery is back on track, but the single currency remained largely unimpressed.
Technical analysis shows bearish bias for the pair is intact. GMMA indicator shows major and minor trend are strongly bearish.
Next major support lies at 2015 low at 0.9651, breach below will plummet the pair further.
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