EUR/CHF technical analysis: Bounces up from key support, eyes Oct. 17 high

Summary:
EUR/CHF is looking north, having bounced up from key MA support.  The 4-hour chart indicators are also reporting bullish conditions. EUR/CHF is better bid at 1.1030 press time and could challenge the Oct. 17 high of 1.1059 in the next 24 hours. The 4-hour chart shows, the currency pair has bounced up from the 50-period moving average (MA). That ascending (bullish) technical line has emerged as strong support in the last eight days. The strong bounce from the key MA support is backed by an above-50 reading on the relative strength index. As a result, further gains could be seen, possibly toward 1.1059, as said earlier. The bullish case would be invalidated if the spot finds acceptance below the 4-hour chart 50-candle MA, currently at 1.1008. EUR/CHF, 4-hour chart,

Topics:
Omkar Godbole considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter

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