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

  • 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.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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