According to the daily chart, the EUR/CHF pair is looking bullish for the remainder of the day. The euro lost ground on Friday as better than expected wage growth in the U.S. indicated further tightening of the labour market. The Swiss National Bank announced profits of 19 billion francs on foreign exchange investments which totaled 645 billion francs last year. However, Euro buyers appear to be dominating the pair today with various momentum indicators suggesting a bullish trend is forming in the short-term.
CHART PATTERN: MOMENTUM INDICATORS
- Price action has broken both the 20- period exponential moving average and is heading towards the resistance level of 1.0751. The break marks the confirmation of a moderate uptrend which started on 4th January 2017.
- MACD signals a bullish crossover, with MACD crossing the signal line within the last three bars and divergence between the two widens. The histogram turning less negative.
Banc De Binary analysts believe bullish momentum will continue for the remainder of the day.