EUR/CHF chart - Trading View
Chart Pattern: Downward Sloping Channel
Technical Analysis: Intraday bias bullish
- The pair is extending bounce off channel base, extends gains for the 3rd straight session
- Price action below cloud and major moving averages, but very short-term averages have turned
- RSI and Stochs have rolled over from oversold levels, MACD is on verge of bullish crossover on signal line
- Bearish divergence on RSI and Stochs on the hourly charts could see minor downticks
Data Released:
- Germany February industrial output m/m increased to 0.7 %, beating forecast at 0.5 % and compared to -0.8 % in the previous month.
- Upbeat data liekly to support the single currency
Data Watch:
- Focus on the performance of yields in Germany and the spread vs. their American counterparts for direction.
Support levels - 1.1207 (5-DMA), 1.1162 (Mar 29 low), 1.1155 (channel base)
Resistance levels - 1.1251 (21-EMA), 1.1269 (38.2% Fib), 1.1297 (55-EMA)
Currency Forecast: Scope for test of 38.2% Fib. Weakness likely on break below 5-DMA.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
