Technical Analysis – EURCHF extends advance towards 200-day SMA
EURCHF extends recovery to a fresh 2-month high
Breaks above trendline and eyes 200-day SMA
Momentum indicators approach overbought levels
Should the pair resume the recovery and jump above the 200-day simple moving average (SMA), immediate resistance could be met at 0.9574, which is the 38.2% Fibonacci retracement of the 1.009-0.9252 downleg. Claiming that zone, the price may test the 50.0% Fibo of 0.9674, a region that held strong both in September and November. Further upside attempts could stall at the 61.8% Fibo of 0.9774.
Alternatively, if the pair experiences a pullback, the August support of 0.9515 could prove to be a tough barrier for the bears to overcome. Sliding beneath that floor, the price might descend towards the 23.6% Fibo of 0.9451. A violation of that region could set the stage for the December support of 0.9402, which overlaps with the 50-day SMA.
In brief, EURCHF has been in a recovery mode since the beginning of the year, but the long-term downtrend remains intact. Therefore, a break above the 200-day SMA is needed for the bulls to regain some confidence about a full-scale reversal.免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
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