FxWirePro: EUR/CHF struggles to hold break above 5-DMA, dip till 'Double Bottom' at 1.1183 likely

EUR/CHF chart on Trading View used for analysis

• EUR/CHF rejected at session highs at 1.1248, slips lower to trade at 1.1230 at 1000 GMT.
   
• The pair fails to hold break above 5-DMA, long upper wicks on candles suggest selling pressure at highs.
   
• Upside remains capped below 21-EMA which is stiff resistance at 1.1267.
   
• Price is extending grind below daily cloud and we see scope for test of double bottom at 1.1183.
   
• Break below will see further weakness. Next major support lies at 200W SMA at 1.1072.
   
• On the flipside, 5-W SMA at 1.1264 is capping gains. Break above could see further upside.

Support levels - 1.1183 (double bottom), 1.1072 (200W SMA)

Resistance levels - 1.1235 (5-DMA), 1.1267 (21-EMA), 1.1338 (100-DMA) 

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