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FxWirePro: EUR/CHF consolidates previous session's slump, poised for further downside

EUR/CHF chart - Trading View 

Spot Analysis:

EUR/CHF was trading 0.06% higher at 1.0790 at around 07:55 GMT

Previous Week's High/ Low: 1.0935/ 1.0807

Previous Session's High/ Low: 1.0847/ 1.0783

Technical Analysis:

- EUR/CHF slumped on Thursday's trade to close 0.44% lower at 1.0783

- The pair's recovery from multi-month lows at 1.0696 failed at 200-DMA resistance

- Price action has retraced break above daily cloud and has slipped below

- GMMA indicator shows major trend is neutral, while minor trend is bearish

- Volatility is high and rising as evidenced by widening Bollinger bands

Major Support and Resistance Levels:

Support - 1.0759 (cloud base), Resistance - 1.0803 (23.6% Fib)

Summary: EUR/CHF is poised for further downside. Recovery attempts lack traction. Dip till 1.0705 likely. 
 

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