FxWirePro: EUR/CHF holds gains above 55-EMA, poised for further upside

EUR/CHF chart - Trading View 

Technical Analysis: Bias Bullish

EUR/CHF was trading 0.17% higher on the day at 1.0972 at around 11:00 GMT, after closing 0.06% lower in the previous session.

Data released earlier on Wednesday showed eurozone inflation data printed inline with market expectations. 

Eurozone’s annualized Consumer Price Index (CPI) came in at 1.9% in June, matching expectations while easing slightly from May’s 2.0%, Eurostat’s preliminary report showed earlier today.

The core figures also inched lower to 0.9% YoY in June inline with expectations and compared to 1.0% recorded in May.

Technical bias for the pair is bullish. After extending sideways grind along 55-EMA support, the pair is poised for upside.

Momentum is strongly bullish, volatility is high and rising, GMMA indicator shows strong bullish trend on the intraday charts.

Next major hurdle for bulls lies at daily cloud at 1.0990. Breakout above cloud will boost upside bias. 200-DMA is major support at 1.0881. Bullish invalidation only on break below.