EUR/CHF chart - Trading View
- EUR/CHF rejected at session highs at 1.1357, trades unchanged at 1.1346 at 0715 GMT.
- The single currency edged higher as markets turned to risk-on after the British members of parliament voted for delaying the Brexit deadline from March 29.
- Further supporting sentiment were comments from the US President Donald Trump that signals US-China trade solution in next 3-4 weeks.
- The pair failed to gather upside momentum, has slipped back lower. We see Doji formation on the daily candle till now.
- The pair finds major support at 1.1344 (converged 55-EMA and 38.2% Fib). Break below will see further weakness.
- Scope then for test of lower BB at 1.1316. Next major support lies at 61.8% Fib at 1.1282.
- Focus now on final reading of February Eurozone consumer price index (CPI). Miss on expectations could dent the euro.
- Eurozone CPI is expected to remain unchanged at 1.5% y/y while likely confirming 1.0% Core CPI. However, the monthly figure of CPI might increase from -1.0% flash version to +0.3%.
Support levels - 1.1344 (converged 55-EMA and 38.2% Fib), 1.1316 (Lower BB), 1.1282 (61.8% Fib)
Resistance levels - 1.1352 (21-EMA), 1.1357 (110-EMA), 1.1360 (5-DMA)
Recommendation: Watch out for break below 1.1344 to go short, SL: 0.1360, TP: 1.1315/ 1.1285
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
