• FxWirePro: EUR/CHF consolidates cloud breakout, focus on ECB for further direction

    Source: FxWire Pro - Technicals / 08 Mar 2018 01:14:47   Eastern Standard Time

    • EUR/CHF closed above daily cloud on Wednesday's trade, bias still higher.
    • The pair is consolidating cloud breakout and is currently trading in a narrow range, down 0.06% on the day.
    • 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 raises scope for test of 1.1833 (Jan 15 high).
    • On the flipside, immediate support is seen at 5-DMA at 1.1603. Retrace below 110-EMA invalidates bullish bias.

    Support levels - 1.1644 (5-DMA), 1.1605 (55-EMA), 1.1566 (110-EMA)

    Resistance levels - 1.1737 (Dec 1 high), 1.18, 1.1833 (Jan 15 high)

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

    Recommendation: Book full profits. We expect some volatility into ECB.

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