FxWirePro: EUR/CHF retraces into daily cloud, on track to test 50-DMA

EUR/CHF chart - Trading View 

EUR/CHF extends previous session's gains, trades 0.10% higher on the day at 1.0981 at around 13:45 GMT.

Germany published preliminary estimate of May inflation figures earlier on Monday, the euro edged higher after mixed data. 

Germany headline CPI slipped lower to 0.5% in May from 0.7% in the previous month, but better than consensus estimates at 0.3%. 

On a yearly basis, the CPI climbed 2.5% as against market expectations for a rise to 2.4% from 2% in April.  

Further, the Harmonized Index of Consumer Prices (HICP) rose to 2.4% YoY, missing consensus estimates pointing to a reading of 2.5%.

The EU published M3 Money Supply that contracted to 9.2% YoY in April, missing the market’s expectations.

The pair edged higher, extending break above 21-EMA to hit session highs at 1.0990 before paring some gains to trade at 1.0985.

RSI has turned North and has edged above the 50 mark. Price action has broken above 200H MA and GMMA on the intraday charts has turned bullish.

EUR/CHF is on track to test 50-DMA at 1.1003. Breakout above daily cloud will propel the pair higher.