Steven Mylonas
Bottomcatcher.com
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.
Bottomcatcher has made every attempt to ensure the accuracy and reliability of the information provided in this report. However, the information is provided without a warranty of any kind. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Bottomcatcher.
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