FxWirePro: CHFJPY upside capped by 200-4H MA, good to buy on dips (please ignore the previous report)
FxWirePro: EUR/CHF extends bounce off 200-DMA, 50-DMA at 1.0966 in sight
EUR/CHF chart - Trading View
Technical Analysis: Bias Bullish
- EUR/CHF was trading 0.15% higher on the day at 1.0945 at around 10:30 GMT
- The pair is extending bounce off 200-DMA support, further upside on cards
- 5-DMA has turned and is now capping downside in the pair on a daily basis
- RSI has edged above 50 mark and is biased higher, Stochs have rolled over from oversold levels
- Volatility is rising, price action is now above 200H MA and GMMA indicator shows bullish shift on the intraday charts
Support levels - 1.0936 (110-EMA), 1.0910 (5-DMA), 1.0873 (200-DMA)
Resistance levels - 1.0953 (55-EMA), 1.0966 (50-DMA), 1.0984 (Cloud base)
Summary: EUR/CHF poised for further gains. On the data front, Eurozone Consumer Price Inflation rate climbed 2.0% in May from 1.6% in April. The reading was the highest since October 2018 and surpassed the central bank’s target.
EUR/CHF is on track to test 50-DMA at 1.0966 ahead of daily cloud. Break above 1.10 (trendline) will propel the pair higher.