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FxWirePro: EUR/CHF hovers around stiff resistance at 1.06 mark, outlook bullish

EUR/CHF chart - Trading View 

EUR/CHF was trading 0.08% higher on the day at 1.0595 at around 07:10 GMT, after closing 0.40% higher in the previous session.

Price action is struggling to break past 1.06 mark which is stiff resistance being converged 55-EMA and daily cloud.

Technical indicators are turning bullish. Stochs and RSI are biased higher and RSI has edged above the 50 mark.

Bullish RSI divergence and MACD line crossover on the signal line add to the bullish bias. 

Analysis of the GMMA indicator shows minor trend is turning bullish. Volatility is also rising on the daily charts.

Break out at 1.06 handle will fuel further gains. Next hurdle for bulls lies at 23.6% Fib at 1.0650 ahead of 110-EMA at 1.0680.

On the flipside, failure to break above 1.06 and retrace below 21-EMA will see bearish resumption.  
 

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