FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and DXY) for the day
FxWirePro: EUR/CHF plunges further into daily cloud, more downside to follow
Chart - Courtesy Trading View
EUR/CHF was trading 0.42% lower on the day at 1.0261 at around 13:40 GMT, after closing 0.11% lower in the previous session.
The pair has slipped further into the daily Ichimoku cloud, Chikou span is biased lower, suggesting further weakness.
German Q1 economic growth stood at 0.2% quarter on quarter and 3.8% on the year, the Federal Statistics Office said on Wednesday.
The German economy just managed to dodge recession (defined as two quarters in a row of quarter-on-quarter contraction), after GDP fell by 0.3% in Q4 2021.
The single currency remained unimpressed, stayed depressed across the board after ECB's Financial Stability Review.
ECB said in its Financial Stability Review on Wednesday that an abrupt increase in real interest rates could induce corrections in the real estate market.
EUR/CHF trades with a bearish bias. Scope for further downside. Dip till cloud base at 1.0213 likely.