EUR/CHF chart - Trading View
Technical Analysis: Bias Bearish
- Price action has broken below daily cloud
- Momentum is strongly bearish, Stochs and RSI are sharply lower
- Volatility is high as evidenced by widening Bollinger bands
- GMMA indicator shows major and minor trend are bearish
- MACD and ADX support downside in the pair
Fundamental Overview:
Final German Manufacturing PMI came at 56.2 (from 60.8) and the EMU’s gauge receded to 56.4.
The euro area Producer Prices rose 1.1% MoM in August and 13.4% over the last twelve months.
Focus now on ECB Chairwoman Christine Lagarde's speech later in the European session
Support levels - 1.0705 (Trendline), 1.0692 (Lower week BB), 1.06
Resistance levels - 1.0778 (5-DMA), 1.08, 1.0814 (21-EMA)
Summary: EUR/CHF trades with a bearish technical bias. Upticks on account of any upbeat data can be used to accumulate short positions. Next bear target lies at 1.0705 (Major trendline).
