FxWirePro: EUR/CHF fades spike above 1.14 mark, safe-haven Franc regains lost ground amid risk-off

EUR/CHF chart on Trading View used for analysis

• EUR/CHF fades spike above 1.14 mark, trades at 1.1344 at 1130 GMT.
   
• The Swiss Franc witnessed some volatile moves in early Asian trade, but then managed to regain the lost ground amid risk-off action.
   
• EUR/CHF hovers around daily cloud and break below will see dip till 1.1183 (Double Bottom).
   
• Technical studies are bearish. We see a bearish divergence on Stochs which adds to the bearish bias.
   
• MACD is also on verge of bearish crossover on signal line. Close below cloud top will re-inforce bearish bias.
   
• On the otherside, 5-DMA is immediate resistance, breakout at 200-DMA to see bearish invalidation.

Support levels - 1.1267 (Cloud base), 1.1183 (Double bottom)

Resistance levels - 1.1364 (5-DMA), 1.1439 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.