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- EUR/CHF Price Analysis: Breaks three-month-old support after strong Swiss inflation data
EUR/CHF Price Analysis: Breaks three-month-old support after strong Swiss inflation data
- EUR/CHF dropped nearly 50 pips after hot Swiss CPI for May, breaks ascending support line from March.
- Sustained trading below the key DMAs, softer RSI also signal further downside.
EUR/CHF prints a three-day downtrend as bears keep reins at the lowest levels in five-week, down 0.25% around 1.0235 during early Thursday morning in Europe.
The pair slumped 50 pips to form the multi-day low around 1.0218 after the Swiss Consumer Price Index (CPI) for May rose past 0.3% MoM forecast and 0.4% expectations to 0.7%. The YoY figures also rallied to 2.9% versus 2.6% expected and 2.5% prior. In doing so, the quote broke an upward sloping support line from March.
In addition to the strong Swiss data and trend line break, the EUR/CHF pair’s successful trading below the 100 and 200 DMAs, respectively around 1.0325 and 1.0465, also favor sellers.
However, a clear downside break of the 38.2% Fibonacci retracement of the February-March fall, around 1.0218, becomes necessary for the EUR/CHF bears.
Following that, a south-run towards April’s low of 1.0090 and then to the 1.0000 psychological magnet can’t be ruled out.
Meanwhile, the 50% and 61.8% Fibonacci retracement levels, around 1.0295 and 1.0370, may act as additional upside filters to watch during the EUR/CHF pair’s rebound.
EUR/CHF: Daily chart
Trend: Further weakness expected
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