- EUR/CHF resumes upside after brief dip on Tuesday's trade, bias higher.
- Technical bias is bullish. Breakout at major trendline resistance at 1.1745 has raised scope for upside.
- Price has bounces off 20-DMA support and is currently consolidating trendline break.
- RSI strong at 62 with scope to run further. Momentum studies bullish.
- Immediate support is seen at 5-DMA at 1.1728, break below will see minor downside.
- Daily cloud and 100-DMA offers strong support on the downside and we see bullish invalidation only on break below.
Support levels - 1.1740 (trendline), 1.1728 (5-DMA), 1.1688 (20-DMA)
Resistance levels - 1.1798 (Jan 22nd high), 1.1833 (Jan 15 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-Trade-Idea-1223033) is progressing well.
Recommendation: Hold for upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 63.819 (Neutral), while Hourly CHF Spot Index was at -133.697 (Bearish) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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