EUR/CHF chart - Trading View
EUR/CHF was consolidating break below 76.4% Fib, outlook remains bearish. The pair was trading 0.05% higher on the day at 1.0774 at around 11:30 GMT.
Preliminary report published by Destatis showed on Friday showed German economy grew 1.5% q/q in Q2, missing expectations of 2.0% and -1.8% in Q1.
Meanwhile, the annualized GDP rate rebounded by 9.2% in Q2, missing expectations at 9.6% and compared to the previous reading of -3.4%.
Separately, the Italian economy expanded by 2.7% QoQ in Q2 but bettered estimates of 1.3% and 0.1% previous.
Technical indicators are biased lower. GMMA indicator shows major and minor trend are strongly bearish.
Momentum studies are biased lower. Volatility is high. MACD is well below zero. ADX is rising in support of downside.
The pair is on track to test trendline support at 1.0750. Break below will see dip till 88.6% Fib at 1.0716.
