EUR/CHF chart - Trading View
- EUR/CHF is extending trade in narrow ranges, with session highs at 1.1306 and lows at 1.1294.
- The single currency showed a tepid reaction to Wednesday's ECB meeting.
- Price action is consolidating above 4H 200-SMA and retrace below will see further weakness.
- The pair is struggling to extend gains above 1.13 handle, finds stiff resistance at 100-DMA.
- We see some signs of upside exhaustion in the pair. Stochs are at overbought and spinning top formation seen at highs.
- Break below 4H 200-SMA finds next major support at 5-DMA at 1.1266. Break below to see further weakness.
- A bullish 5 and 20 DMA crossover keeps scope for upside. Breakout at 100-DMA will see gains till 61.8% Fib at 1.1336 ahead of 200-DMA at 1.1366.
Recommendation: We prefer to wait for clear directional bias.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
