FxWirePro: EUR/CHF slumps on dismal German/Euro-zone manufacturing PMIs, bias lower

EUR/CHF chart - Trading View 

• EUR/CHF dives as the single currency dented across the borad on dismal German/Euro-zone manufacturing PMIs.
   
• German manufacturing PMI showed that factory activity slipped deeper into contraction territory in March.
   
• Composite Euro-zone manufacturing PMI also fell to a 71-month low level of 47.6.
   
• The latest disappointment from German/Euro-zone manufacturing PMI prints helped reignite global growth worries.
   
• Technicals are heavily bearish on the intrday charts. The pair is trading below 61.8% Fib retracement.
   
• Next major support lies at 88.6% Fib at 1.1212. Break below eyes 'double bottom' at 1.1183.

Support levels - 1.1244 (76.4% Fib), 1.1212 (88.6% Fib), 1.1183 (double bottom)

Resistance levels - 1.1282 (61.8% Fib), 1.13, 1.1313 (5-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-rejected-at-session-highs-break-below-11344-to-see-further-downside-1511726) has hit all targets.

Recommendation: Book partial profits at lows, stay short for 1.1215/ 1.1190

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