EUR/CHF prices tighten after strong green day

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.

Author

Steven Mylonas

Bottomcatcher.com

With more than 20 years of experience, Steven has a broad knowledge of market strategies and the markets in general, with a strong focus and understanding of data reading.

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