EURCHF (1H) - medium term bullish bias
The RSI divergence at the end of August provided a hint that the bearish momentum might be coming to an end. The initial impulse above the resistance level of 1.0920 prompted trend-followers to square theirs short positions while the price stabilised around 1.0840. The euro then renewed its strength to rally above the psychological level of 1.1 as the faster moving average crossed above the slower one. We may expect buying interests to intensify during the current consolidation.
Key support: 1.0960
Key resistance: 1.1070
The RSI divergence at the end of August provided a hint that the bearish momentum might be coming to an end. The initial impulse above the resistance level of 1.0920 prompted trend-followers to square theirs short positions while the price stabilised around 1.0840. The euro then renewed its strength to rally above the psychological level of 1.1 as the faster moving average crossed above the slower one. We may expect buying interests to intensify during the current consolidation.
Key support: 1.0960
Key resistance: 1.1070