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FxWirePro: EUR/CHF starts the week on a bearish note, Eurozone Sentix Investor Confidence index fails to ease recession fears
Chart - Courtesy Trading View
Spot Analysis:
EUR/CHF was trading 0.24% lower on the day at 0.9768 at around 08:40 GMT
Previous Week's High/ Low: 0.9801/ 0.9713
Previous Session's High/ Low: 0.9801/ 0.9759
Fundamental Overview:
The Eurozone Sentix Investor Confidence index came in at -25.2 in August from -26.4 in May, lower than -24.7 expected.
The current situation index was up very slightly at -16.3 in August after falling to -16.5 in the previous month.
The expectations index rose to -33.8, still close to its July level, which was the lowest since December 2008.
Data shows a recession in the euro zone is still very likely. The index extended its recovery but failed to shake off recession fears.
The ongoing political jitters in Italy’s also keep the pair depressed. Also, Moody’s cut Italy’s outlook from “Stable” to “Negative”, while keeping the sovereign rating at Baa3.
Technical Analysis:
- EUR/CHF has paused a three-day upside streak just below 20-DMA
- Momentum is with the bears, RSI is below 50 and biased lower
- GMMA indictor shows major trend is bearish, while minor trend is turning bearish again
- Price action is below cloud and Chikou span is biased lower
Major Support and Resistance Levels:
Support - 0.9756 (200H MA), Resistance - 0.9807 (20-DMA)
Summary: EUR/CHF trades with a bearish bias. Break below 200H MA will drag the pair lower.
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