FxWirePro: EUR/CHF fades spike to session highs at 1.1366, break below 5-DMA to see further drag

Refer EUR/CHF chart on Trading View

• EUR/CHF has edged lower from session highs at 1.1366 and is currently trading 0.04% lower at 1.1335.
   
• Technical studies on daily charts are bearish and we see scope for continuation of downside.
   
• The single currency largely unfazed following the publication of final inflation figures in Euroland.
   
• Core CPI rose at an annualized 1.1% during July, while headline prices advanced 2.1%, both prints matching the preliminary readings.
   
• The pair finds immediate support at 5-DMA at 1.1313.Break below will see resumption of weakness. Dip till trendline support at 1.1245 likely.
   
• Upside only on break above 1H 200-SMA. Breakout could see test of 21-EMA at 1.1457.

Support levels - 1.1313 (5-DMA), 1.1245 (trendline), 1.12

Resistance levels - 1.1392 (1H 200-SMA), 1.1457 (21-EMA), 1.15

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -25.9573 (Neutral), while Hourly CHF Spot Index was at -71.6899 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.