FxWirePro: EUR/CHF trades below 61.8% Fib, further weakness on charts

EUR/CHF chart - Trading View 

EUR/CHF grinds lower, slips below 61.8% Fib (1.0550), scope for further weakness.

The pair was trading largely muted on the day at 1.0537, with session high at 1.0605 and low at 1.0523.

Euro under pressure after the ECB announced a €750 billion QE programme late on Wednesday, expected to run at least until year-end.

Poor data which showed preliminary German IFO Business Climate dropped to 87.7 for the month of March, the lowest level since August 2009 added to the downside pressure.

Also, data released earlier today showed Eurozone Current Account surplus widened to €34.7 billion during January.

Technical indicators support further weakness. GMMA shows major and minor trend are sharply bearish.

Stochs and RSI are biased lower. Volatility is rising and price grinds lower along downward sloping 21-EMA.

'Death Cross' on the weekly charts to plummet prices further. Dip till 1.0280 (May 2015 low) likely.

61.8% Fib at 1.0550 is immediate resistance. Decisive breakout at 200-DMA (currently at 1.0887) could negate bearish bias.