FxWirePro: EUR/CHF breaks below 38.2% Fib, finds minor support at 1.1446, bias bearish

• EUR/CHF is extending break below 200-DMA, hovers around 38.2% Fib at 1.1476.
   
• Price action has broken below major trendline support at 1.1485, bias bearish.
   
• The pair has held minor support at 1.1446 (2018 low) and edged higher to currently trade at 1.1480.
   
• Minor recovery in the pair was rejected at 5-DMA on Monday's trade, price action has dipped below daily cloud and major exponential moving averages.
   
• Momentum studies are biased lower and bearish divergence keeps scope for further downside.
   
• Next major bear target below 38.2% Fib lies at 1.1388 (Oct 2 lows) ahead of 50% Fib at 1.1313.
   
• On the flipside, 5-DMA is immediate resistance. Retrace above 200-DMA invalidates bearish bias.

Support levels - 1.1446 (2018 low), 1.14, 1.1388 (Oct 2 lows), 1.1313 (50% Fib)

Resistance levels - 1.1564 (5-DMA), 1.1650 (200-DMA), 1.1678 (23.6% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-breaks-below-200-DMA-eyes-382-Fib-at-11477-stay-short-1332604) has hit all targets.

Recommendation: Book partial profits at lows. Trail SL to 1.1565, hold for further weakness. Targets extended to 1.14/ 1.1320

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