FxWirePro: EUR/CHF struggles at 200-DMA and trendline resistance, focus on ECB for impetus

EUR/CHF chart - Trading View 

EUR/CHF was trading 0.04% lower on the day at 1.0876 at around 09:55 GMT.

The pair is extending sideways after bullish streak was capped at stiff resistance at 200-DMA and sloping trendline.

Traders await the latest ECB meeting due later today at 11.45 GMT. The central bank is expected to begin asset tapering when it hands down its policy decision later in the day. 

However, some investors expect the ECB to continue monetary support for much longer even after PEPP ends.

It could reduce its buying under the pandemic emergency purchase program (PEPP) as low as EUR60 billion ($75.96 billion) monthly from the current EUR80 billion.

Worries about COVID-19's impact on economic recovery also gave the safe-have franc a small boost, dragging the pair lower.

Volatility is rising. MACD and ADX support gains. Supertrend indicators flashes a 'Buy' signal.

Watch out for a decisive break above 200-DMA for upside continuation. Next major bull target lies at 50% Fib at 1.0924 ahead of 61.8% Fib at 1.0977.