- Euro traded a touch higher against the Swiss Franc, and it looks like it is setting up for more gains.
- There is a monster resistance building near 1.0930-40, which is acting as a hurdle.
- Swiss Consumer Price Index, issued by the Swiss Federal Statistical Office posted a decrease of 0.1% in November, where the market was expecting no change.
- German Factory orders published by the Deutsche Bundesbank today came in at +1.8% in October 2015, whereas the market was expecting +1.2%..
- The yearly change in the orders were also better compared with the forecast.
The EURCHF pair is following a major triangle pattern on the hourly chart, which is acting as a resistance in the short term. There were many attempts to clear it, but sellers defended it successfully.
However, the pair is above the 100, 200 and 50 simple moving averages, which is a positive sign and may ignite an upside move.
In short, we may consider buying dips near the 100 hourly MA if the pair corrects lower from the current levels.
Today, the Swiss Consumer Price Index, which measures the average price change for all goods and services purchased by households for consumption purposes was issued by the Swiss Federal Statistical Office. The expectation was of no change in the CPI in November 2015, compared with the preceding month.
However, the outcome was on the lower side, as the Swiss CPI declined by 0.1% in October 2015. The yearly change was also on the lower side with a decline of -1.4%.
The EURCHF pair gained bids after the release, and it looks like it may continue to head higher as there are many positive signs for bulls.