Our lot is a tough lot in the EUR/CHF buyers club but if we can get over the current hurdles close by we might see some our our long standing woes lifted.
EUR/CHF daily chart 12 05 2014
The pair is looking to push above the crossing of the broken Feb 2013 support and the falling Jul 2013 resistance lines at 1.2210. A break and hold could mean the pair has the impetus to push on but we have the 100 dma ready to pounce at 1.2222 and we’ve already pulled up a few pips short. The dma has done a pretty sound job as resistance going back to November last year. 1.2258/60 awaits above there and then the 200 dma at 1.2266 before we shake hands with our old friend at 1.2280.
It’s not drawn in but we have a series of higher lows that are supporting the moves and it will take a break of these to have us looking lower.
Last week Adam highlighted the potential break out in USD/CHF
