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FxWirePro: EUR/CHF Daily Outlook

Chart - Courtesy Trading View 

EUR/CHF was trading 0.66% lower on the day at 0.9638 at around 13:15 GMT, bias bearish.

Price action has retraced below 21-EMA, raising scope for further downside. 

Recovery attempts have been capped at 50-DMA, breakout above cloud required for upside continuation.

European Central Bank (ECB) matched the market’s expectations by announcing a 75 basis point (bps) increase in the key rates.

EUR/CHF has been on a major downtrend, technical indicators support further downside in the pair.

Stochs and RSI are showing a bearish rollover from overbought levels. Price action is below cloud, Chikou span is biased lower. 

Support levels - 0.96, 0.9549 (Lower BB)

Resistance levels - 0.9681 (20-DMA), 0.9713 (21-EMA)

Summary: EUR/CHF was trading with a bearish bias. Retrace below 21-EMA has raised scope for further downside.     
 

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