EUR/CHF’s daily chart shows a golden cross, a bullish but lagging indicator. A move above 1.0838 is needed to confirm a bullish breakout. EUR/CHF is trading in the green on Monday with the daily chart flashing a golden crossover, a long-term bull market indicator. The golden cross is the bullish crossover of the 50- and 200-day simple moving averages (SMAs). The indicator, however, is based on backward-looking moving averages and has limited predictive powers at best. The indicator often traps buyers on the wrong side of the market. In other words, the bull cross confirmed on Friday does not necessarily imply a stronger rally. Moreover, a sustained move above 1.0838 is needed to signal a continuation of the rally from July lows near 1.06. That’s because the pair faced rejection at 1.0838 multiple times in the past two weeks. While 1.0838 is the level to beat for the bulls, a move below 1.0712 (July 24 low) is needed to strengthen the bear grip around the currency pair. At press time, the pair is trading at 1.0770, representing a 0.16% gain on the day. Daily chart Trend: Neutral Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC’s Yi: China to further Yuan internalization FX Street 2 years EUR/CHF's daily chart shows a golden cross, a bullish but lagging indicator. A move above 1.0838 is needed to confirm a bullish breakout. EUR/CHF is trading in the green on Monday with the daily chart flashing a golden crossover, a long-term bull market indicator. The golden cross is the bullish crossover of the 50- and 200-day simple moving averages (SMAs). The indicator, however, is based on backward-looking moving averages and has limited predictive powers at best. The indicator often traps buyers on the wrong side of the market. In other words, the bull cross confirmed on Friday does not necessarily imply a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
