FxWirePro: EUR/CHF extends choppy trade at 21-EMA resistance, Outlook bearish

EUR/CHF chart - Trading View 

EUR/CHF has been extending choppy trade this week, capped below 21-EMA resistance.

The pair was trading 0.10% lower on the day at 1.0528 at around 11:10 GMT, after closing 0.15% higher in the previous session.

Data released by the German statistics office earlier today showed Germany's seasonally adjusted trade surplus totaled EUR12.8 billion in March, missing estimates at EUR18.9 billion. 

German exports dropped 11.8% in March from February's 1.2%, while imports fell 5.1% on month. Economists had forecast a 5.0% decline in exports and 4.0% drop in imports in adjusted terms. 

Dismal trade figures follow Germany's industrial output and manufacturing orders which posted a 9.2% and 15.6% respective drop in March, the largest drops on record.

Major trend in the pair is bearish. Price action below cloud and 200-DMA. Coronavirus uncertainty to keep downside pressure.

'Death Cross' (bearish 50-SMA crossover on 200-SMA) on the weekly charts could plummet prices.

Break below 1.05 mark could see downside resumption. Dip till 76.4% Fib at 1.0206 then likely.

21-EMA is immediate resistance at 1.0543. Break above to see minor upside. Cloud breakout to negate any bearish bias.