FxWirePro: EUR/CHF hovers around 1.16 handle, focus on German CPI data for further impetus

• EUR/CHF hovers around 1.16 handle as traders await German inflation data due at 12:00 GMT. 
   
• German CPI is expected to rise 0.4 percent m/m in July from June's print of 0.1 percent.
   
• The pair has retraced from lows of 1.1567 hit last week and is holding above 50-DMA support at 1.1585.
   
• Technical studies on daily charts still support weakness. Decisive break below 50-DMA could see test of 61.8% Fib at 1.15.
   
• On the flipside, 110-EMA is immediate resistance at 1.1605 ahead of 21-EMA at 1.1613. Breakout at 21-EMA could see further upside.
   
• Bullish continuation only on breach above daily cloud and 200-DMA resistance.

Support levels - 1.1585 (50-DMA), 1.1540 (50% Fib), 1.15 (61.8% Fib)

Resistance levels - 1.1613 (21-EMA), 1.1632 (23.6% Fib), 1.1677 (200-DMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -142.275 (Bearish), while Hourly CHF Spot Index was at -102.318 (Bearish) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.