- EUR/CHF holds above the 50-day simple moving average support.
- A move above 1.07 is needed to invalidate the bearish signs on the weekly chart.
EUR/CHF is holding above the 50-day simple moving average (SMA) support. However, for the outlook to turn bullish, the pair needs to establish a strong foothold above 1.07.
At press time, the currency pair is trading at 1.0638 and the ascending or bullish 50-day SMA is located at 1.0632.
Indeed, the daily chart is reporting a bullish cross of the 50- and 100-day SMAs. The MA studies, however, are backward-looking and unreliable. A more credible sign of bullish breakout would be a move above 1.07.
That would invalidate the buyer exhaustion signaled by the upper wicks attached to the current and the previous weekly candles and open the doors for a re-test of resistance of a two-year-long descending trendline, currently at 1.0841.
On the downside, the 100-day SMA located at 1.0608 is key support, which, if breached, would shift the focus to 1.0503 (May low).
|Today last price||1.0639|
|Today Daily Change||-0.0003|
|Today Daily Change %||-0.03|
|Today daily open||1.0642|
|Previous Daily High||1.0699|
|Previous Daily Low||1.0631|
|Previous Weekly High||1.0712|
|Previous Weekly Low||1.0628|
|Previous Monthly High||1.0915|
|Previous Monthly Low||1.0628|
|Daily Fibonacci 38.2%||1.0657|
|Daily Fibonacci 61.8%||1.0673|
|Daily Pivot Point S1||1.0616|
|Daily Pivot Point S2||1.059|
|Daily Pivot Point S3||1.0548|
|Daily Pivot Point R1||1.0683|
|Daily Pivot Point R2||1.0725|
|Daily Pivot Point R3||1.0751|
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