FxWirePro: EUR/CHF tests 50-DMA, breakout required for further upside

EUR/CHF chart - Trading View 

EUR/CHF capped at 50-DMA resistance, intraday bias is bullish.

The pair has formed a Doji at 50-DMA resistance, break above required for further upside.

The single currency buoyed as EU leaders are now working on a package to mitigate the fallout from coronavirus.

Economists expect that the Eurozone is headed for a deep recession and needs aggressive stimulus to stem the fallout from the virus outbreak.

The pair has bounced off 61.8% Fib and price action is now above 200H MA.

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

'Bullish divergence' on RSI and Stochs keeps scope for upside. Break above 50-DMA eyes daily cloud at 1.0678.

Support levels - 1.0590 (5-DMA), 10568 (200H MA)

Resistance levels - 1.0642 (50-DMA), 1.0678 (daily cloud)