EUR/CHF chart - Trading View
Technical Analysis: Bias Bearish
- GMMA indicator shows minor trend is strongly bearish, while major trend is turning bearish
- Price action has slipped below 110-EMA support, 5-DMA is sharply lower
- Oscillators are biased lower, RSI is well below the 50 mark which adds support to the downside
- Volatility is rising as evidenced by widening Bollinger bands
- Price action has broken major trendline support and slipped below the daily cloud
Support levels - 1.0734 (21W EMA), 1.0677 (200-DMA)
Resistance levels - 1.0783 (55W EMA), 1.0814 (Upper weekly BB)
Data Watch: The German ZEW headline Economic Sentiment Index came in at 56.1 versus 73.0 expectations and 77.4 last. Current Conditions sun-index figure arrived at -59.5 in Oct versus -60.0 expected and -66.2 booked previously. Further, Eurozone ZEW Economic Sentiment for October printed at 52.3 vs.70.5 expected and compared to 73.9 in the previous month.
Summary: The single currency remains under pressure following unimpressive German and Eurozone ZEW data. Technical studies also favour weakness in the pair. Scope for dip till 200-DMA at 1.0677.
