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EUR/CHF chart on Trading View used for analysis
- EUR/CHF finds strong support at 1.1418 (converged 20-DMA and cloud), intraday bias bullish.
- The pair is trading 0.14% higher on the day at 1.1440 at the time of writing.
- Technical studies favour upside in the pair. Stochs are sharply higher and RSI is above 50 levels.
- The pair finds stiff resistance at 110-EMA at 1.1456. Upside was rejected at 110-EMA with spinning top formation on Friday's trade.
- Break above to see further gains. Scope then for test of 200-DMA at 1.1574.
- Euro subdued after reports signaled that the ECB considers new TLTRO. European politics and the potential for a more cautious ECB suggests risks skewed to the downside.
- Break below 1.1418 to see resumption of weakness. Scope for drag till 1.1375 (trendline).
Support levels - 1.1418 (converged 20-DMA and cloud top), 1.1375 (trendline)
Resistance levels - 1.1456 (110-EMA), 1.1574 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
