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  |   Technicals


FxWirePro: EUR/CHF trades below 1.08, inches closer towards 76.4% Fib, outlook bearish

EUR/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/CHF was trading 0.04% lower on the day at 1.0798 at around 11:20 GMT

- The pair is on a downtrend from multi-month high at 1.1151 (March 4th) and bias remains bearish

- Technical indicators are biased lower. GMMA indicator shows major and minor trend are strongly bearish

- Momentum is strongly bearish, volatility is high. 50-DMA is on track for a bearish crossover on 200-DMA

- Price action has dipped into weekly cloud. Chikou span is biased lower. The pair is poised for further downside.

- Scope for test of 76.4% Fib retracement at 1.0776. Break below eyes trendline support at 1.0735

Support levels - 1.0776 (76.4% Fib), 1.0735 (Trendline support), 1.0716 (88.6% Fib)

Resistance levels - 1.0809 (5-DMA), 1.0849 (21-EMA), 1.0852 (20-DMA)

Summary: EUR/CHF trades with a strong bearish momentum. Scope for test of trendline support at 1.0735.

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