FxWirePro: EUR/CHF recovery rejected at 21-EMA, further weakness on charts

EUR/CHF chart - Trading View 

EUR/CHF extends weakness for the 2nd straight session, bias strongly bearish.

The single currency ignores improved German Consumer Confidence data and remains under pressure amid renewed US-EU trade jitters.

Data released earlier on Thursday showed the German Consumer Confidence tracked by GfK improved further to -9.6 for the month of July.

Technical bias remains bearish. Recovery attempts find stiff resistance at 200H MA. Price action slips below 61.8% Fib.

Bearish momentum and rising volatility aid downside. Dip till daily cloud at 1.0582 likely. 

5-DMA is immediate resistance at 1.0660. Break above 21-EMA 1.0681 to see more bullish moves. 

Major Support: 1.0582 (Daily cloud)

Major Resistance: 1.0681 (21-EMA)