EUR/CHF chart on Trading View used for analysis
- EUR/CHF breaks above 100-DMA which was offering stiff resistance, raising scope for further upside.
- The pair is trading 0.22% higher on the day at 1.1354 at 1030 GMT, bias is bullish.
- Momentum studies are bullish, Stochs and RSI are sharply higher. RSI is above 50 and biased higher. MACD also supports upside.
- We also evidence a bullish divergence on RSI and Stochs which adds to the upside bias.
- Volatility is on the rise. Break above 100-DMA has raised scope for test of 38.2% Fib at 1.1385.
Support levels - 1.1319 (5-DMA), 1.1308 (23.6% Fib), 1.1301 (21-EMA)
Resistance levels - 1.1363 (cloud top), 1.1385 (38.2% Fib), 1.14, 1.1465 (200-DMA)
Recommendation: Good to go long on close above 100-DMA, SL: 1.1310, TP: 1.1385/ 1.14/ 1.1460
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
