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.
