- EUR/CHF is seeing some selling pressure, down for 2nd consecutive session.
- Final CPI prints in Euroland for the month of June had little impact on sentiment.
- The pair has edged lower from 13-month highs at 1.1060 hit on July 11th and is currently trading at 1.1004, down 0.1 percent on the day.
- Momentum indicators are on verge of a rollover from overbought levels and confirmation of same could see further drag.
- On the hourly charts, the pair finds strong support at 1H 200-SMA at 1.0984. Break below will see further downside.
Support levels - 1.0984 (1H 200-SMA), 1.0972 (38.2% Fib of 1.08304 to 1.10607 rally), 1.0918 (61.8% Fib)
Resistance levels - 1.1014 (5-DMA), 1.1039 (hourly cloud top), 1.1060 (July 11 high)
Recommendation: Good to go short on break below 1.0984, SL: 1.1020, TP: 1.0970/ 1.0935/ 1.0920
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -147.644 (Bearish), while Hourly CHF Spot Index was at -56.9455 (Neutral) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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