FxWirePro: EUR/CHF breaks into daily cloud, further weakness on cards

EUR/CHF chart - Trading View 

EUR/CHF was trading 0.09% lower on the day at 1.0989 at around 08:00 GMT, outlook bearish.

The pair is on a bearish streak for the 7th straight session, further weakness on cards.

The common currency under pressure by ECB board member Fabio Panetta's comments over the weekend. 

Panetta said the ECB should accept no further delay in lifting inflation back to its target. He added that the current outlook is unsatisfactory and persistent misses risk, damaging the economy.

Technical indicators for the pair are strongly bearish. Stochs and RSI are biased lower. RSI is below the 50 mark.

Support levels - 1.0978 (55-EMA), 1.0963 (38.2% Fib), 1.0945 (cloud base)

Resistance levels - 1.1015 (5-DMA), 1.1032 (21-EMA), 1.1043 (20-DMA)

Summary: EUR/CHF trades with a bearish bias. Price action has dipped into the daily cloud and is testing 55-EMA support at 1.0978. Breach below will drag the pair lower.