Support & Resistance

EURCHF reaches 38.2% of the 2 year range as run higher continues

The EURCHF is up for the 5th day in a row, after bottoming at 0.98327 last Thursday. The high price today has reached 1.00746.

Technically, the price moved above the 200 day MA yesterday at 0.99383 and raced higher. Today, the gain is more modest but the pair is still up 0.6% on the day.

The price is up testing/now breaking above the 38.2% at 1.00702. The next target on the daily chart comes in at 1.00977 (call it 1.0100). Get above and it should open the door for more upside momentum.

Traders looking for the 2 year trend to be over, would now want to see the 200 day MA to hold any correction. Stay above and the upside can be explored.

This article was written by Greg Michalowski at www.forexlive.com.