EURCHF has been trading within an ascending move since August 2017 and during last week’s session, it posted an almost three-year high of 1.1775. Thursday could be the third green day in a row and a rise above the aforementioned level should drive the pair up to the 1.2095 resistance level, near the previous’ three years peg level, and the high of December 2014.
Short to medium-term trend indicators on the daily chart (50, 100 and 100-period simple moving averages) are moving to the upside, showing some signals for further gains.
The market became more positive following last week’s peak as was indicated by the RSI’s strong bullish movement, while it is ready to touch the 70 overbought level and there is no subsequent retracement for the pair to the downside today. In addition, the MACD oscillator is rising in the positive territory, slightly above the trigger line.
On the downside, a clear break below the ascending trend line could indicate the market a clear bearish correction until the 1.1600 significant psychological level or moreover until the 38.2% Fibonacci mark with the low at 1.1260 and the high at 1.1775, near 1.1576.
