FxWirePro: AUD/USD holds gains above 0.78 handle after upbeat Australia Q4 GDP, bulls unfazed by dismal Chinese Caixin Services PMI
FxWirePro: EUR/CHF recovery lacks traction, break below 200-DMA to plummet prices
EUR/CHF chart - Trading View
EUR/CHF has erased some of the day's gains and was trading at 1.0763 at around 11:20 GMT.
The pair has slipped lower from session highs at 1.0781, struggles at daily cloud resistance.
The single currency buoyed as risk sentiment recovers and German ZEW Economic Sentiment Index beat estimates.
German ZEW headline Economic Sentiment Index improved to 61.8, beating estimates at 60.0 and above prior reading of 55.0. The Current Conditions index arrived at -66.4 in Jan versus -68.5 expected and -66.5 prior.
Further, the Eurozone ZEW Economic Sentiment for Jan unexpectedly rose to 58.3 vs. 45.5 expected and 54.4 last.
EUR/CHF is holding above 200-DMA support. The pair has bounced off major trendline support with Doji formation.
Retrace above cloud will negate any further weakness. On the flipside, breach at 200-DMA support will open downside.