Key Points
- The Euro made a nice upside move above 1.0850 against the Swiss Franc, and remains in an uptrend.
- The EURCHF pair has formed an ascending channel with support at 1.0850 on the hourly chart.
- Today in Switzerland, the UBS Consumption Indicator for March 2017 was published by UBS.
- The outcome was neutral, as there was no change in the UBS Consumption Indicator from 1.5 in March 2017.
EURCHF Technical Analysis
The Euro opened higher versus all majors this week, including the Swiss Franc, and traded above 1.0850. The EURCHF pair traded as high as 1.0870, and currently following a nice ascending channel with support at 1.0850 on the hourly chart.
On the downside, the ascending channel support is at 1.0850, and the next support is around the 23.6% Fib retracement level of the last wave from the 1.0671 low to 1.0870 high.
The pair is currently trading with a positive bias, and may soon break the 1.0870 level for further gains. Any dips from the current levels may find buyers near 1.0850 or 1.0820. On the upside, the next stop for buyers could be around the 1.0900 level. The hourly RSI is around 77, and showing positive signs.
UBS Consumption Indicator
Today in Switzerland, the UBS Consumption Indicator for March 2017 was published by UBS. The forecast was lined up for the UBS Consumption Indicator to post a minor decline from the previous reading of 1.5 to 1.2 in March 2017.
The result was better, as there was no change in the UBS Consumption Indicator from 1.5 in March 2017. Later today, the ZEW Survey Expectations for April 17 will be released, which might impact the EURCHF pair in the short term.
Overall, the EURCHF pair remains in an uptrend, and there are high chances of more gains above the 1.0870 level.
