FxWirePro: EUR/CHF bounces off cloud support, euro buoyed on upbeat German IFO numbers and hawkish Lagarde's comments
Chart - Courtesy Trading View
EUR/CHF was trading 0.34% higher on the day at 1.0323 at around 09:55 GMT.
The pair has bounced off daily cloud support, tests 55-EMA and is on track for further upside.
Upbeat German IFO numbers and hawkish comments from ECB's Lagarde buoy the single currency across the board.
Data published by Germany's Ifo Institute showed on Monday that the Business Climate Index improved to 93 in May from 91.9 in April, surpassing the market expectation of 91.4.
Further, the Current Assessment Index rose to 99.5 from 97.3 and the Expectations Index edged higher to 86.9 from 86.8.
ECB President Christine Lagarde in her speech earlier on Monday said that the central bank is in a position to exit negative rates by end of Q3.
The shared currency caught a bid wave on Lagarde’s comments, EUR/CHF gains to test 55-EMA.
Technical indicators are biased lower. Upticks in the pair could be limited. Break above 200H MA resistance could change near-term dynamics.