The Swiss franc inched lower after the Q1 GDP came in worse than expected. From the daily chart’s perspective, the euro is in a flag-shaped consolidation following February’s surge. There is potential for continuation after a bullish breakout.
The pair has seen solid support above 1.0930. The current retracement has allowed the RSI to cool down. A break above 1.1020 could bring in momentum.
A combination of short-squeezing and fresh buying may extend the rally towards 1.1070.
