Chart - Courtesy Trading View
EUR/CHF was trading largely unchanged at 0.9886 at around 11:05 GMT. The pair has slipped lower from session highs at 0.9919, outlook is neutral. Price action is extending sideways grind above 110-EMA, weakness only on break below.
Data released earlier on Monday showed German Industrial Output jumped by 0.6% MoM in September, beating expectations at -0.8% and -1.2% prior. On an annualized basis, German Industrial Production grew by 2.6%, much higher than 0.5% expected versus a 1.6% increase booked previously.
Technical Analysis:
- Momentum is bullish, Stochs are biased higher, RSI is above the 50 mark
- GMMA indicator shows major and minor trend are bullish on the daily charts
- Price action is above daily cloud, Chikou span is flat
- MACD and ADX support upside in the pair
Support levels - 0.9873 (5-DMA), 0.9854 (110-EMA), 0.9830 (21-EMA)
Resistance levels - 0.9892 (200H MA), 0.9979 (Upper BB), 1.0043 (200-DMA)
Summary: EUR/CHF trades with a neutral bias with a slight bullish bias. Resumption of upside will see test of 200-DMA at 1.00, weakness likely on breach below 21-EMA.
