FxWirePro: EUR/CHF grinds lower for the 3rd straight session, eyes 200-DMA support

Chart - Courtesy Trading View 

EUR/CHF was trading 0.62% lower on the day at 0.9953 at around 12:00 GMT. The single currency remains unimpressed by upbeat ZEW surveys.

The pair is extending weakness for the 3rd consecutive session, outlook remains bearish. Scope for further downside.

Earlier in the session, final Germany inflation figures showed the CPI contracted 0.8% MoM in December and ws up 8.6% over the last twelve months.

The German ZEW headline numbers showed that the Economic Sentiment Index came in at 16.9 in January from -23.3 in December, beating expectations of -15.5.

Meanwhile, the Current Situation Index printed at -58.6 from -61.4 but missed the market expectation of -57.0

Further, the ZEW Economic Sentiment Index for the Eurozone for the same period rose to 16.7 from -23.6. 

Technical bias for the pair is turning bearish. Price action has slipped below 200H MA. RSI show bearish rollover from overbought levels.

Price action has slipped below 5-DMA and is on track to test 200-DMA at 0.9931. Break below 200-DMA will drag the pair lower.