EUR/CHF chart on Trading View used for analysis
- EUR/CHF has broken above strong trendline resistance at 1.13 mark, bias bullish.
- The pair is trading 0.13% higher on the day at 1.1332 at 0730 GMT.
- Technical indicators support upside in the pair. Stochs and RSI are biased higher.
- We evidence a bullish divergence on Stochs on the daily charts which supports upside.
- Upside has edged lower from cloud base resistance at 1.1337. Next major resistance above cloud base lies at 110-EMA at 1.1367 ahead of 23.6% Fib at 1.1376.
- 55-EMA is immediate support at 1.1313. Retrace below 21-EMA to see resumption of weakness.
Support levels - 1.1313 (55-EMA), 1.13, 1.1271 (5-DMA)
Resistance levels - 1.1337 (cloud base), 1.1367 (110-EMA), 1.1376 (23.6% Fib)
Recommendation: Stay long on break above cloud base, SL: 1.13, TP: 1.1370/ 1.14/ 1.1430
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
