FxWirePro: EUR/CHF pauses downside at 1.12 handle, bias bearish

EUR/CHF chart - Trading View 

EUR/CHF consolidates previous session's losses, extends marginal gains in the Asian session.

Price action has paused downside at 1.12 handle, bias remains bearish.

Momentum studies are bearish. Price action is set to extend weakness after break below daily cloud.

MACD and DMI support further downside. That said Oscillators are in oversold zone.

We can expect some pullback in the pair. 5-DMA is immediate resistance. Break above 200-DMA required for bearish invalidation.

Major bear targets are at 1.1182 (Jan 3rd lows), 1.1161 (Mar 29 low) and 1.1157 (200W SMA).

Support levels - 1.1182 (Jan 3rd lows), 1.1161 (Mar 29 low), 1.1157 (200W SMA)

Resistance levels - 1.1249 (5-DMA), 1.13, 1.1333 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-Trade-Idea-1540373) has hit TP1.

Recommendation: Book partial profits at lows. Hold for further downside.

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