EUR/CHF prices tighten after strong green day
|The 200 DMA provided good support for the EUR/CHF currency pair earlier this month, which resulted in a large green day on the 9th. Since then prices have consolidated into a nice pennant flag which could suggest further upside is on the horizon.
Asset managers, in general, have a strong bullish outlook on the EUR, with 83.25% of them long (16.75% short). Leveraged money is pretty much 50/50, and small speculators are betting alongside the asset managers at 69.59% long (30.41% short).
On the Swiss Franc (CHF) asset managers also have a positive outlook with 68.30% long (31.70% short). Leverage money is also bullish, 80.56% long (19.44% short) and small speculators a slightly skewed bullish at 57.67% (42.33% short).
Providing the bulls can force prices through resistance at (1), we should look for 1.0840s as a first sensible target which previously provided a good selling opportunity. Any downside pressure resulting in a break below flag support would negate this bullish outlook for the short term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.