Ichimoku Analysis (4-hour chart) Tenken-Sen- 0.91113 Kijun-Sen- 0.91420 USDCHF recovered more than 100 pips from a low of 0.9050. The break of minor support turned into resistance 0.9160 shows that decline form 0.9900 got completed at 0.9050 an
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EUR/CHF chart - Trading View
EUR/CHF was trading largely muted at 1.0777 at around 10:40 GMT, outlook bullish.
The pair is consolidating breakout above 200-DMA and daily cloud, scope for further upside.
Traders cautious ahead of ECB interest rate decision. The ECB is set to leave its policy unchanged. The main lending rate is forecast to remain unchanged at 0% and the deposit rate at -0.50%.
ECB President, Christine Lagarde is likely to urge governments to act – ahead of a leaders' summit that begins on Friday.
Momentum studies for the pair are bullish. Stochs and RSI show strong upside bias. 200-DMA and cloud breakout fuels further upside.
Price action hovers neat 50% Fib at 1.0781. Resumption os upside will see test 1.0846 (61.8% Fib). Failure to hold break above 200-DMA dents upside.
Major Support - 1.0709 (200-DMA)
Major Resistance - 1.0846 (61.8% Fib)