FxWirePro: EUR/CHF trades rangebound, consolidates above 4H 200-SMA

EUR/CHF chart - Trading View 

• EUR/CHF is extending trade in narrow ranges, with session highs at 1.1306 and lows at 1.1294.
   
• The single currency showed a tepid reaction to Wednesday's ECB meeting. 
   
• Price action is consolidating above 4H 200-SMA and retrace below will see further weakness.
   
• The pair is struggling to extend gains above 1.13 handle, finds stiff resistance at 100-DMA.
   
• We see some signs of upside exhaustion in the pair. Stochs are at overbought and spinning top formation seen at highs.
   
• Break below 4H 200-SMA finds next major support at 5-DMA at 1.1266. Break below to see further weakness.
   
• A bullish 5 and 20 DMA crossover keeps scope for upside. Breakout at 100-DMA will see gains till 61.8% Fib at 1.1336 ahead of 200-DMA at 1.1366.

Recommendation: We prefer to wait for clear directional bias.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.