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.
