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FxWirePro: EUR/CHF hovers around 61.8% Fib, momentum strongly bearish

EUR/CHF chart - Trading View 

Technical Analysis: Bias Bearish

Daily Chart: 

- GMMA shows major and minor trend are sharply bearish

- Parabolic SAR supports weakness, Stochs and RSI are sharply lower

- Volatility is rising, 21-EMA caps upside and price has retraced below 5-DMA support

- 'Death Cross' on the hourly charts to plummet prices further

1H Chart:

- Price action is below 200H MA and hourly cloud

- Volatility is rising as evidenced by widening Bollinger Bands

- GMMA shows major trend is neutral, while minor trend is bearish

Major Support Levels - 1.0550 (61.8% Fib), 1.0280 (May 2015 low)

Major Resistance Levels - 1.0578 (200H MA), 1.0606 (21-EMA)

Summary: Further weakness in the pair likely. Drag till 1.0280 (May 2015 low) likely. Upticks could be used to accumulate short positions. Decisive breakout at 200-DMA (currently at 1.0895) could negate near-term bearish bias. 
 

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