FxWirePro

EUR/CHF hold at 7-DMA despite hanging man and shooting star

FX:EURCHF   Euro /Franc Thụy Sỹ
Despite hanging man and shooting star patterns pop up at peaks of rallies of EURCHF (refer circular areas on daily chart ), bulls are hovering at 7DMAs, while bearish RSI divergence signals weakness.

On the contrary, in the major trend, with hardly 100 pips away from the current levels, bulls have been lingering in the major consolidation phase to hit a fresh 3-years high again after previous 3 months’ momentary bearish effects (refer monthly terms).

Amidst this upside travel, bulls manage to break out the long lasting range, the major uptrend prolongs upside traction after break-out of range resistance & 61.8% Fibonacci retracements, both leading oscillators signal overbought pressures on this timeframe and lagging indicators still show bullish crossovers that indicate more upside traction.

Most importantly, both RSI and stochastic curves are indecisive to the current uptrend on monthly terms.

RSI shows tinted curve in the prevailing upswings at 6 levels on daily and monthly terms that indicate the faded strength in the buying sentiments. While stochastic curves also evidence the same.

Well, at spot reference: 1.1783 levels, on intraday terms, as both stochastic and RSI noise with strong momentum in selling interests as they are diverging to the ongoing price rallies, we advocate tunnel binary options spreads using upper strikes of 20-25 pips northwards and 40-50 on southwards. 

Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at -20 levels (which is mildly bearish ), and CHF is flashing at -68 ( bearish ) while articulating (at 10:45 GMT ).
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