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FxWirePro: EUR/CHF recovery capped at 200-DMA, scope for further downside

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.
 

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