Chart - Courtesy Trading View
EUR/CHF was trading 0.23% higher at around 0.9910 at around 12:30 GMT.
Recovery in the pair is capped below 200-DMA, outlook remians bearish.
Technical indicators are biased lower. MACD is on verge of bearish crossover on signal line.
Momentum is bearish. Stochs and RSI are biased lower, 5-DMA has turned.
Price action has slipped below 200H MA, GMMA has turned bearish on the intraday charts.
Major Support Levels:
S1: 0.9875 (55-EMA)
S2: 0.9844 (Cloud top)
Major Resistance Levels:
R1: 0.9911 (20-DMA)
R2: 0.9928 (200-DMA)
Summary: EUR/CHF recovery lacks traction. 200-DMA offers stiff resistance. Technical indicators have turned bearish. Scope for test of daily cloud. Bearish invalidation only on retrace above 200-DMA.
