• FxWirePro: EUR/CHF recovery capped at 55-ema, slips below daily cloud, bias bearish

    Source: FxWire Pro - Technicals / 23 Jul 2018 07:36:23   America/New_York

    • EUR/CHF recovery capped at 55-EMA, the pair currently trades at 1.1631, down 0.10% on the day.
       
    • The pair is extending downside after upside was capped below 100-DMA which is stiff resistance at 1.1718.
       
    • Price has dipped below 200-DMA and 21-EMA at 1.1622, bias is bearish.
       
    • Technical indicators are bearish. Stochs are biased lower and RSI has slipped below 50 levels.
       
    • MACD is on verge of bearish crossover on signal line and we see -ve DMI crossover.
       
    • The pair is currently hovering around major trendline support at 1.1610, break below will see further weakness. 
       
    • Break below major support at 1.1610 raises scope then for test of 1.15 levels.
       
    • On the flipside, we see bearish invalidation on breakout above 100-DMA. 

    Support levels - 1.1610 (major trendline), 1.1506 (June 28 low)

    Resistance levels - 1.1633 (5-DMA), 1.1675 (200-DMA), 1.1718 (100-DMA)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-rejected-at-session-highs-good-to-go-short-on-break-below-21-EMA-1406247) is progressing well.

    Recommendation: Hold for targets.

    FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 5.08746 (Neutral), while Hourly CHF Spot Index was at 83.678 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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