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FxWirePro: EUR/CHF finds stiff resistance at cloud top, break above required for upside continuation

Chart - Courtesy Trading View 

EUR/CHF was trading largely unchanged at 0.9785 at around 10:15 GMT.

The pair is struggling at daily cloud top resistance, break above required for upside continuation.

German ZEW headline numbers for October showed that the Economic Sentiment Index improved to -59.2, beating estimates of -65.7 vs. -61.9 previous.

German Current Situation sub-index arrived at -72.2 in October vs. -68.0 expectations and September’s -60.5.

Further, the Eurozone ZEW Economic Sentiment Index stood at -59.7 in the current month as compared to the -60.7 previous reading and -60.6 expected. 

Hawkish comments from the European Central Bank (ECB) policymakers and improved market sentiment also support the pair.

Support levels - 0.9760 (5-DMA), 0.9697 (21-EMA)

Resistance levels - 0.9799 (Cloud top), 0.9848 (110-EMA)

Summary: EUR/CHF pivotal at cloud top. Watch out for decisive break above for upside continuation. 
 

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