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FxWirePro: EUR/CHF holds trendline support, Italian budgetary concerns to keep pressure lower

EUR/CHF chart on Trading View used for analysis

  • EUR/CHF has paused 4 straight sessions of losses and is currently trading marginally higher.
     
  • The pair has held support at major trendline at 1.1222 and is trading 0.08% higher at 1.1249 at the time of writing.
     
  • Renewed Italian budgetary concerns to keep pressure on the pair. 
     
  • Italian finance minister Giovanni Tria's said that the government won't make major changes to the budget.
     
  • Technical studies are also bearish on daily and weekly charts. Scope for weakness in break below trendline support.

Support levels - 1.1222 (trendline support), 1.1183 (Sept 7 low), 1.1180 (Lower BB on weekly chart)

Resistance levels - 1.1261 (5-DMA), 1.1310 (21-EMA and 5W SMA), 1.1342 (cloud base)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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2019-01-23 15:02:27
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