FxWirePro: EUR/CHF extends 100-DMA break, hits 9-week highs at 1.1386, bias higher

EUR/CHF chart on Trading View used for analysis

• EUR/CHF trades 0.18% higher on the day at 1.1389 at 0645 GMT.
   
• The pair is extending 100-DMA break, hits 9-week highs at 1.1389, bias higher.
   
• 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. The pair is testing 38.2% Fib at 1.1385. Break above to see further upside.
   
• Focus on Euro Zone Economic Sentiment, Consumer Confidence (Final) and German CPI data for further impetus.
   
• A weaker-than-expected German CPI would validate ECB's recent dovish turn and send the single currency lower.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-breaks-above-100-DMA-scope-for-test-of-382-Fib-at-11358-stay-long-1490690) has hit TP1.

Recommendation: Book partial profits. Watch for break above 38.2% Fib for further upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.