EUR/CHF chart on Trading View used for analysis
- EUR/CHF holds support at 55-EMA at 1.1395, we see weakness on break below.
- The pair is extending sideways grind after breaking major trendline resistance.
- Price action rages in daily cloud and breakout above could see further gains.
- Technical indicators support upside in the pair. Price has broken above 23.6% Fib.
- We evidence bullish divergence on RSI and Stochs which keeps scope for upside.
- Cloud top is immediate resistance, break above eyes 200-DMA at 1.16.
- On the flip side retrace below cloud will see test of trendline support at 1.1360.
Support levels - 1.1395 (55-EMA), 1.1378 (23.6% Fib), 1.1360 (trendline), 1.1281 (Sept 28 low)
Resistance levels - 1.1476 (cloud top), 1.1498 (38.2% Fib), 1.1600 (200-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-struggles-at-21-EMA-break-above-to-see-further-upside-1426705) is approaching final targets.
Recommendation: Book partial profits, trail SL to 1.1360, hold for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.