EURCHF minor trend has been spiking through which is in nature, but for now, traders are sensing more selling sentiments as the current prices have slid below 7DMAs with support from momentum indicators.
On the contrary, in major trend, with hardly 100 pips away from the current levels of EURCHF , bulls have been lingering in the major trend to hit a fresh 3-years high again after the last month’s momentary effects (refer monthly terms).
Amidst this upside travel, bulls manage to break out the long lasting range, thereby, we foresee more upside traction in the weeks to come.
Bulls are activated in this month maintaining the levels above EMAs ever since the occurrence of the candle with the big real body at 1.1433 levels.
Most importantly, the current uptrend on monthly plotting is backed by both leading & lagging indicators.
shows upward convergence to the upswings that indicate the strength in ongoing rallies. While curves also evidences the upward convergence even in the overbought territory. Same has been the case even on the monthly terms.
To substantiate this stance, both EMAs shows the crossover, while also signals the extension of the uptrend.
Well, on intraday terms, as both and noise with strong momentum in selling interests as they are converging to the ongoing price dips, we advocate boundary binary options using upper strikes of 20-25 pips northwards and 40-50 on southwards.
Alternatively, it is wise to use dips to deploy long hedges using forward contracts, we advocate adding longs in near-month with a view to arresting upside risks.
Currency Strength Index: FxWirePro's hourly EUR spot index is inching towards -103 levels (which is ), while hourly CHF spot index was at a tad below 10 (neutral) at the time of articulating (at 11:41 GMT ).