EUR/CHF chart on Trading View used for analysis
- EUR/CHF is extending previous session's gains, trades 0.15% higher on the day.
- After grinding sideways along strong support at 55-EMA, the pair has resumed upside.
- Price action has broken out of daily cloud raising scope for further gains.
- Technical indicators support upside in the pair. We evidence bullish divergence on RSI and Stochs.
- Price has broken above 23.6% Fib and next immediate resistance lies at 38.2% Fib at 1.1498 ahead of 200-DMA at 1.16.
- On the flip side retrace below cloud will see test of 55-DMA at 1.14. Breach at trendline support at 1.1350 negates bullish bias.
Support levels - 1.1431 (5-DMA), 1.14 (55-EMA), 1.1378 (23.6% Fib), 1.1350 (trendline)
Resistance levels - 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) has hit all targets.
Recommendation: Good to go long on dips around 1.1470, SL: 1.14, TP: 1.15/ 1.16
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.