FxWirePro: EUR/CHF surges vigorously to break out range bounded trend – Bid double touch barriers for leveraged yields on buzzing vols

Although robust price rallies seem to be exhausted today at the peaks of 1.1406 levels, the current prices are well beyond DMAs (on the daily chart).

3-white soldiers pattern candlesticks have occurred in daily terms.

This bullish pattern manages to breach above major resistance at 1.0980 marks & these upswings backed by both leading & lagging indicators.

The upswings spike above 21-EMAs to hit 2 and half years highs, thereby, the non-directional trend has come to an end.

This uptrend has been backed by both leading and lagging indicators on monthly terms as well.

Well, contemplating the prevailing bullish momentum, it is reckoned that the price rallies may drag next targets upto 1.1550 levels, on the flips side we see the strong supports at 1.1199 levels (7DMA). Historically, these levels have acted as a stiff resistance level (persisted range resistance).

MACD on both time frames evidences strong signal of bullish trend extension. Overall, the uptrend is likely to persist in the major trend.

For the daily trading perspectives, we see luring opportunities in one touch binary call option by adding on every dip as the vols of EURCHF is the highest among G10 FX space.

Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at 26 levels (which is mildly bullish), while hourly CHF spot index was at shy above -112 (which is highly bearish) while articulating. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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