Chart - Courtesy Trading View
EUR/CHF was trading 0.70% higher on the day at around 16:15 GMT. The pair has spiked past 5-DMA and is testing 21-EMA resistance.
Momentum is bullish. Stochs and RSI are biased higher, Stochs confirm bullish rollover from oversold levels.
The pair has bounced off multi-year lows with Doji formation at lows. GMMA shows major and minor trend is bullish
Hawkish comments from ECB officials boosted euro crosses across the board.
The European Central Bank (ECB) policymakers at the Jackson Hole argued for forceful or significant policy action.
Further, news that Germany’s ruling party Social Democrats (SPD) will propose further measures to help ease the impact of rising energy prices on citizens supports the single currency.
Support levels - 0.9678 (20-DMA), 0.9632 (5-DMA)
Resistance levels - 0.97, 0.9802 (Upper BB)
Summary: EUR/CHF poised for further upside. Decisive break above 21-EMA will fuel further gains.
