FxWirePro: FxWirePro: EUR/CHF trades in narrow range, focus on Germany ZEW sentiment index for further impetus

EUR/CHF chart - Trading View 

• EUR/CHF is trading in a narrow range at 1.1354 at 0700 GMT, up 0.04% at the time of writing.
   
• The pair is extending sideways grind along strong support at 55-EMA at 1.1344, weakness likely on break below.
   
• The single currency remains slightly bid on growing risk-on sentiment amid optimism surrounding Brexit.
   
• Focus now on Germany ZEW economic sentiment index for March, scheduled to be released later today by 10:00 GMT.
   
• Focus also on final reading of eurozone February consumer price index (CPI). Miss on expectations could dent the euro.
   
• Eurozone CPI is expected to remain unchanged at 1.5% y/y while likely confirming 1.0% Core CPI. However, the monthly figure of CPI might increase from -1.0% flash version to +0.3%.
   
• Break below major support at 1.1344 (converged 55-EMA and 38.2% Fib) will see further weakness. 
   
• Scope then for test of cloud base at 1.1313. Next major support lies at 61.8% Fib at 1.1282.
   
• Decisive breakout at 110-EMA could see some upside. Upside continuation on break at 200-DMA.

Support levels - 1.1344 (converged 55-EMA and 38.2% Fib), 1.1313 (Cloud base), 1.1282 (61.8% Fib) 

Resistance levels - 1.1352 (21-EMA), 1.1357 (110-EMA), 1.1389 (Upper BB)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.