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FxWirePro: EUR/CHF pauses at fresh 9-week high, break above to see further upside

EUR/CHF chart - Trading View 

Spot Analysis:

EUR/CHF was trading largely unchanged at 1.0876 at around 09:00 GMT, with session high and low at 1.0892 and 1.0864 respectively.

Previous Week's High/ Low: 1.0892/ 1.0742

Previous Session's High/ Low: 1.0890/ 1.0845

Fundamental Overview:

The single currency trades weaker on mixed ECB-speak.

Conflicting messages from ECB policymakers weigh on the euro ahead of Thursday's monetary policy decision.

ECB’s Vasle said 'Still need `highly accommodative' monetary policy'

ECB’s Holzmann said 'Central bank could be tightening policy quicker than markets expect'

Technical Analysis:

- EUR/CHF has broken above daily cloud

- Momentum is strongly bullish with Stochs and RSI sharply higher

- Volatility is high and rising as evidenced by widening Bollinger bands

- MACD and ADX supports upside

- GMMA indicator shows near-term trend is strongly bullish

Major Support and Resistance Levels:

Support - 1.0863 (5-DMA), Resistance - 1.0893 (200-DMA)

Summary: EUR/CHF bullish streaks meets major resistance at 1.0893. Momentum is still with the bulls. Decisive break above 200-DMA to see upside continuation. Next major bull target lies at 50% Fib at 1.0932.
 

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