EUR/CHF chart on Trading View used for analysis
- EUR/CHF capped at 100-DMA which offers stiff resistance at 1.1333.
- The pair is trading 0.08% higher on the day at 1.1335 at 1000 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 keeps scope for upside.
- Break above 100-DMA will see resumption of gains. Scope then for test of 38.2% Fib at 1.1385.
- Rejection at 100-DMA and break below 5-DMA could see grind lower.
Support levels - 1.1325 (5-DMA), 1.1308 (23.6% Fib), 1.1293 (21-EMA)
Resistance levels - 1.1358 (110-EMA), 1.1385 (38.2% Fib), 1.14, 1.1479 (200-DMA)
Recommendation: Watch out for break above 100-DMA to go long.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
