- EUR/CHF has been rejected at session highs at 1.1654, currently trades at 1.1631, largely unchanged on the day.
- The pair is exhibiting range movement, capped below 100-DMA which is stiff resistance at 1.1718.
- Price has dipped below 200-DMA and is currently holding support at 21-EMA at 1.1623.
- Technical indicators are turning bearish. Stochs have rolled over from overbought levels.
- MACD is on verge of bullish rollover on signal line. RSI is flatlined around 50 levels.
- Break below 21-EMA finds next major support at 1.1610 (nearly converged 20 & 50 DMA).
- Break below 1.1610 to see further weakness. Scope then for test of 1.15 levels.
- We see bearish invalidation on breakout above 100-DMA.
Support levels - 1.1623 (21-EMA), 1.1610 (nearly converged 20 & 50 DMA), 1.1506 (June 28 low)
Resistance levels - 1.1645 (5-DMA), 1.1675 (200-DMA), 1.1687 (cloud top), 1.1718 (100-DMA)
Recommendation: Stay short on break below 21-EMA, SL: 1.1675, TP: 1.1510.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -48.1128 (Neutral), while Hourly CHF Spot Index was at 134.688 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
