EUR/CHF chart - Trading View
Technical Analysis: Bias Bullish
- EUR/CHF is struggling to extend cloud breakout, but outlook remains bullish
- Spinning Top and Doji formations at highs show bulls are struggling to extend upside
- Analysis of GMMA indicator shows minor trend is strongly bullish, and major trend is turning
- Volatility is high as evidenced by widening Bollinger bands. Momentum is with the bulls
- Pullback in the pair has bounced off 200-DMA support, MACD and ADX support upside in the pair
Support levels - 1.0796 (5-DMA), 1.0770 (200H MA), 1.0752 (21-EMA)
Resistance levels - 1.0846 (Trendline and 61.8% Fib), 1.0877 (Sept high), 1.0902 (110W EMA)
Summary: Worrisome comments from German Chancellor Angela Merkel regarding rising virus numbers keeps pressure on the euro. Focus on ECB’s Christine Lagarde who will take center stage later in the session. Markets optimistic on a “V”-shaped recovery in the region following recent news on vaccine from Pfizer and Moderna. Technical bias for the pair remains bullish. Scope for test of 1.0845 mark. Weakness only below daily cloud.
