EUR/CHF looking for a late Friday rally, taps 0.9660

The EUR/CHF is seeing a late break heading into Friday's closing bell.
Market sentiment is seeing a late-week rally as investors take one last dip into the risk well.
The EUR/CHF pair is up 0.40% bottom-to-top as risk appetite makes a late recovery.

Joshua Gibson FXStreet

The EUR/CHF dipped to a new low for the week at 0.9623 in early Friday trading before markets saw a broad-base tilt back into risk-on mode, pushing risk assets higher and sending safe havens lower to round out the week's trading.

Pan-EU finalized Harmonized Index of Consumer Prices (HICP) for October came in broadly as expected early Friday, with the month-on-month figure printing at 0.1% and the annualized period into October showing 2.9%.

As inflation cools in the European economy, the outlook for the Euro is leaning towards the downside as an increasingly-dovish European Central Bank (ECB) gets pushed even further away from its hawkish stance.

EUR/CHF Technical Outlook

The Euro's Friday kicker against the Swiss Franc has the pair trading into the week's high side, climbing over the 0.9660 level in the last hour of market trading.

The EUR/CHF has been cycling the 50-day Simple Moving Average (SMA) ever since hitting consolidation back in August, cycling 0.9525 to 0.9600.

The Euro tumbled to a yearly low 0.9417 in October before rallying over 2.6% to Friday's closing bids, but near-term bullish momentum is going to be capped off by the 200-day SMA sinking into 0.9700.

EUR/CHF Daily Chart

EUR/CHF Technical Levels

EUR/CHF

Overview
Today last price	0.9663
Today Daily Change	0.0019
Today Daily Change %	0.20
Today daily open	0.9644

Trends
Daily SMA20	0.9588
Daily SMA50	0.9589
Daily SMA100	0.9602
Daily SMA200	0.9715

Levels
Previous Daily High	0.9656
Previous Daily Low	0.9626
Previous Weekly High	0.9656
Previous Weekly Low	0.9597
Previous Monthly High	0.9684
Previous Monthly Low	0.9418
Daily Fibonacci 38.2%	0.9644
Daily Fibonacci 61.8%	0.9637
Daily Pivot Point S1	0.9628
Daily Pivot Point S2	0.9611
Daily Pivot Point S3	0.9597
Daily Pivot Point R1	0.9658
Daily Pivot Point R2	0.9672
Daily Pivot Point R3	0.9689

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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