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FxWirePro: EUR/CHF consolidates 200-DMA break, caution ahead of ECB rate decision
EUR/CHF chart - Trading View
EUR/CHF was trading largely muted at 1.0777 at around 10:40 GMT, outlook bullish.
The pair is consolidating breakout above 200-DMA and daily cloud, scope for further upside.
Traders cautious ahead of ECB interest rate decision. The ECB is set to leave its policy unchanged. The main lending rate is forecast to remain unchanged at 0% and the deposit rate at -0.50%.
ECB President, Christine Lagarde is likely to urge governments to act – ahead of a leaders' summit that begins on Friday.
Momentum studies for the pair are bullish. Stochs and RSI show strong upside bias. 200-DMA and cloud breakout fuels further upside.
Price action hovers neat 50% Fib at 1.0781. Resumption os upside will see test 1.0846 (61.8% Fib). Failure to hold break above 200-DMA dents upside.
Major Support - 1.0709 (200-DMA)
Major Resistance - 1.0846 (61.8% Fib)