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FxWirePro: EUR/CHF hits new 8-week lows below 1.12 mark, bias bearish
EUR/CHF chart - Trading View
EUR/CHF slumps lower for the 4th straight week, hits new 8-week lows below 1.12 mark.
The pair has extends weakness as renewed Sino-U.S. trade war tensions buoy safe haven bids for the Franc.
China unwilling to give up its principles, says it is ready with a plan to limit rare earth exports to the US if needed.
Momentum studies for the pair are highly bearish. Scope for further weakness.
Recovery rejected at weekly cloud and the pair is on track to test 200W SMA at 1.1160.
Momentum indicators are at oversold levels, but we do not see any signs of reversal.
Violation there could see further weakness. Scope then for drag till 78.6% Fib at 1.0920.
Support levels - 1.1160 (200W SMA), 1.10, 1.0920
Resistance levels - 1.1221 (5-DMA), 1.1272 (21-EMA), 1.13 (50-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.