FxWirePro: EUR/CHF resumes weakness after failure at 50-DMA, bias bearish

EUR/CHF chart - Trading View 

EUR/CHF was trading 0.31% lower on the day at 1.0565 at around 11:15 GMT, bias is bearish.

The single currency remains depressed on worsening coronavirus situation. Euro dented further after poor Germany and Italy manufacturing PMI data.

Also, the ECB Governing Council member Ignazio Visco said on Tuesday that it is ready to consider all options available within its mandate to support the economy in the current coronavirus crisis.

The German Manufacturing PMI  for March printed at 45.4, missing estimates at 45.5 and compared to a prior reading of 45.7.

Italy Manufacturing PMI  for March printed at 44.5, missing estimates at 44.7 and compared to a prior reading of 44.8.

Technical indicators have turned bearish after rejection at 50-DMA. Stochs and RSI are now biased lower.

Immediate support is seen at 61.8% Fib at 1.0550. Break below will see test of new multi-year lows.

21-EMA is immediate resistance at 1.0592. Break above 50-DMA required for near-term bearish invalidation.