• FxWirePro: EUR/CHF capped at daily cloud, breakout to see further upside

    Source: FxWire Pro - Technicals / 07 Mar 2018 04:45:16   Eastern Standard Time

    • EUR/CHF pauses 5 straight sessions of gains, trades 0.11% lower on the day.
    • Upside seems capped below daily Ichimoku cloud, breakout to see resumption of gains.
    • The pair has broken above weekly 5-SMA at 1.1545 and is trading above 110-EMA at 1.1562.
    • Technical analysis are bullish. RSI is biased higher and shows strength above 50 levels. Momentum studies are bullish.
    • We see +ve DMI crossover on -ve DMI and MACD is showing bullish crossover on signal line.
    • Breakout above daily cloud eyes 1.1833 (Jan 15 high). While on the flipside, immediate support is seen at 5-DMA at 1.1603.
    • Retrace below 110-EMA at 1.1562 invalidates bearish bias.

    Support levels - 1.1603 (5-DMA), 1.1543 (20-DMA), 1.1446 (Feb 8 low)

    Resistance levels - 1.1678 (daily cloud), 1.17, 1.1737 (Dec 1 high)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CHF-Trade-Idea-1185007) has hit TP1.

    Recommendation: Watch out for break above daily cloud for further upside.

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