The bulls supported by momentum indicators to break-out above resistance of 1.0728.
Ever since the pair tested supports at 1.0684 levels, the swings are intensifying cushioned by the healthy buying momentum.
converging above 46 levels with the upswings that indicate the strength in the .
%K crossover on also signals rising momentum.
While MACD’s crossover to indicate the ongoing price gains to extend further.
As a result, the current upswings attempt to break above resistance of 1.0751 levels, more rallies likely upon breach above & sustenance.
On the contrary, the intermediate trend from last three months has been the favor; narrow range persisted for last 1 year or so (see monthly charts).
signals the sideway trend to slightly potential, while on this timeframe has been indicating the momentum.
This monthly technical study raises a puzzling question - Can it bounce back at support to persist in range bounded trend or breach below?
Contemplating daily technicals, it's understood that the sentiments are resumed at the current juncture, whereas the medium-term trend is still in declining mode.
Hence, we reckon that it is a make or break time for EURCHF’s long lasting range amid interim sentiments as stated above, as a result, we only like to favour short swings by taking positions in one touch binary calls for targets of 25-30 pips that adds leveraging effects in the payoff structure and long-term foreign traders who have their FX exposures in this pair should stay calm with hedging instruments.
Intraday speculators, you could also effectively utilize FxWirePro currency strength index that measures the performance of the basket of eight currencies on an hourly basis.
The FxWirePro Currency Sterling Index strengthened for CHF and weakened for EUR during mid-day Eurpoe trading session.
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