- EUR/CHF’s daily chart indicators have rolled over in favor of the bulls.
- The pair could test the trendline falling from the May 7 highs.
EUR/CHF closed above 1.09 on Thursday and could test the resistance of the trendline sloping downward from May 7 and July 12 highs by today’s NY close.
The pair’s move above 1.09 has validated the bullish divergence of the 14-day relative strength index. The moving average convergence divergence histogram is printing higher bars above the zero line, a sign of strengthening bullish momentum,
Further, the 5- and 10-day moving averages (MAs) are bottoming out.
So, the stage looks set for a rise to the falling trendline resistance, currently located at 1.0947. As of writing, As of writing, the pair is trading at 1.0911.
Daily chart
Trend: Bullish
Pivot points
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