EUR/CHF Price Analysis: Extends bounce off 200-HMA to refresh intraday top above 1.0800
- EUR/CHF picks up the bids after snapping two-day winning streak the previous day.
- MACD again turns bullish, suggesting further recovery.
- Two-week-old ascending trend line adds to the downside support.
EUR/CHF rises to 1.0813 during the pre-European session on Wednesday. The pair recently gained upside momentum as 200-HMA beat bears. The pair dropped from the one-week top the previous day amid failures to cross a short-term resistance line and a broad risk-off mood.
Considering the return of bullish MACD return, together with the latest pullback, the pair is likely to remain positive and challenge the weekly top near 1.0850.
Though, an ascending trend line from September 02, at 1.0857 now, may restrict the quote’s further advances towards the monthly top of 1.0877.
If at all the risk-off mood recall the sellers and break the 200-HMA level of 1.0797, an upward sloping support line from August 27, currently around 1.0786, will be the key to watch.
During the quote’s downside past-1.0797, the previous month’s bottom close to 1.0720 can offer an intermediate halt before reprinting the 1.0700 threshold on the chart.
EUR/CHF hourly chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
