The EURCHF has had an up and down day today, but in the last “up”, has been able to move above trend line resistance. The better stock market tone has been able to slow the “flight into the safety of the CHF” which has helped pressure the pair lower of late.
EURCHF is benefiting from better tone in stocks.
We know the Swiss National Bank (SNB) will defend the 1.2000 level. The low today got down to 1.20553 – testing support trend line on the daily chart. The low for 2014 came in at 1.20432.
The high for the month of October got up to 1.21378. At that point, the price was testing the 100 day MA (blue line in the daily chart).
The one thing getting in the way is the 100 hour MA (blue line in the chart above), but if the support from the broken trend line can hold and the price get above that 100 hour MA, there should be a push higher.
The daily hart found support buyers near lower trend line support.
