FxWirePro: EUR/CHF extends break above 21-EMA, tests 23.6% Fib

EUR/CHF chart - Trading View 

EUR/CHF was trading 0.05% higher on the day at 1.0818 at around 10:55 GMT, scope for further upside.

Earlier in the day, the Harmonized Index of Consumer Price (HICP) for Germany, the European Central Bank's preferred gauge of inflation, arrived at 3.1% in July, inline with expectations. 

Germany's annual consumer price inflation accelerated to  3.8% YoY in July, meeting analysts' expectations and compared to a reading of 2.3% in the previous month.

On a monthly basis German CPI was up 0.9% from 0.4% in the prior month, while HICP rose to 0.5% from 0.4% prior. 

Technical bias for the pair is turning bullish. MACD confirms a bullish crossover on signal line. Stochs and RSI are biased higher.

The pair has edged above 21-EMA and has tested 23.6% Fib retracement at 1.0816. Further upside on charts.

Support levels - 1.0798 (21-EMA), 1.0782 (5-DMA), 1.0758 (200H MA)

Resistance levels - 1.0855 (55-EMA), 1.0880 (38.2% Fib), 1.0892 (200-DMA)

Summary: EUR/CHF is extending upside for the 4th straight session. Breakout above 21-EMA has raised scope for further upside. Bulls target 55-EMA at 1.0855.