FxWirePro: EUR/CHF refreshes weekly low, eyes 200-DMA support at 1.0884

EUR/CHF chart - Trading View 

EUR/CHF was trading 0.03% lower on the day at 1.0917 at around 09:45 GMT, after closing 0.11% lower in the previous session.

The pair is extending weakness in a 'Slopping Channel' pattern and is on track to test 200-DMA support at 1.0884.

Data released earlier today showed German Industrial Production added to the April’s pullback and contracted 0.3% MoM in May. 

Today's data was largely in line with Tuesday’s loss of momentum in the Economic Sentiment in both Germany and the broader Euroland.

That said, the European Commission in its latest quarterly economic projections, raised the Eurozone growth and inflation estimates for this year while warning about the risks posed by new variants of the coronavirus.

The single currency was little impressed by the upbeat EU Commission’s economic forecasts. Technical outlook for the pair remains bearish.

Scope for test of 200-DMA support at 1.0884. Breach below will see test of 61.8% Fib at 1.0847. Bearish invalidation only above channel top.