FxWirePro: EUR/CHF rejected at session highs, eyes trendline support at 1.1183

EUR/CHF chart - Trading View 

• EUR/CHF rejected at session highs at 1.1219, slips lower to currently trade at 1.1203 at 0935 GMT.
   
• The pair is extending weakness for the 2nd straight week, bias bearish.
   
• Price action below cloud and major moving averages. Weekly charts also support downside.
   
• Oscillators are at oversold levels, but we do see any major signs of reversal.
   
• Bearish momentum to continue. Scope for test of 'Double Bottom at 1.1183 and then 200-W SMA at 1.1122.

Support levels - 1.12, 1.1183 (trendline), 1.1122 (200W SMA)

Resistance levels - 1.1229 (5-DMA), 1.1244 (76.4% Fib), 1.1282 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-slumps-on-dismal-German-Euro-zone-manufacturing-PMIs-bias-lower-1515127) is approaching final targets.

Recommendation: Stay short for weakness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.