- Euro climbed higher against the Swiss Franc, and currently facing a major hurdle near 1.0845.
- There is a bearish trend line formed on the hourly chart, which is acting as a monster resistance for the EURCHF pair.
- Swiss Producer and Import Prices provided by the Federal Statistical Office posted an increase of 0.4% in November 2015, which was more than the forecast of 0.1%.
- In terms of the yearly change, there was a decline of 5.5%.
The EURCHF pair managed to gain bids around the 1.0760 support area and traded higher. There was a bearish trend line on the hourly chart, which was broken during the upside drift. However, there was another bearish trend line that prevented the upside move.
The pair is now trading in a range, as the broken trend line is acting as a support area. Moreover, the 100 hourly simple moving average is also providing support and stalling losses.
A break on the either side may call for the next move. The hourly RSI is above the 50 level, which is a positive sign.
Today, the Swiss Producer and Import Prices, which is an indicator of consumer price inflation was provided by the Federal Statistical Office. The forecast was slated for a rise of 0.1% in November 2015, compared with the preceding month. The outcome above the forecast, as the Swiss Producer and Import Prices increased by 0.4%.
Looking at the yearly change, the Swiss Producer and Import Prices decreased by -5.5% in November 2015, compared with the same month a year ago. Overall, the outcome was positive, but failed to ignite a solid move in the EURCHF pair.
As long as the EURCHF pair is trading above the 100 hourly MA, there is a chance that it might break the upper trend line and trade higher.