- EUR/CHF recovery capped at 55-EMA, the pair currently trades at 1.1631, down 0.10% on the day.
- The pair is extending downside after upside was capped below 100-DMA which is stiff resistance at 1.1718.
- Price has dipped below 200-DMA and 21-EMA at 1.1622, bias is bearish.
- Technical indicators are bearish. Stochs are biased lower and RSI has slipped below 50 levels.
- MACD is on verge of bearish crossover on signal line and we see -ve DMI crossover.
- The pair is currently hovering around major trendline support at 1.1610, break below will see further weakness.
- Break below major support at 1.1610 raises scope then for test of 1.15 levels.
- On the flipside, we see bearish invalidation on breakout above 100-DMA.
Support levels - 1.1610 (major trendline), 1.1506 (June 28 low)
Resistance levels - 1.1633 (5-DMA), 1.1675 (200-DMA), 1.1718 (100-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-rejected-at-session-highs-good-to-go-short-on-break-below-21-EMA-1406247) is progressing well.
Recommendation: Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 5.08746 (Neutral), while Hourly CHF Spot Index was at 83.678 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
