EUR/CHF rebounds strongly in early US session. That’s primarily driven by selloff in “safe-haven” currencies as the movements in CHF and JPY are in sync. At the same time, EUR is extending consolidation against USD.
Technically, EUR/CHF’s pull back from 1.2004 was held comfortably above 4 hour 55 EMA. That suggests near term bullish momentum remains intact. And the cross could break 1.2 handle, on its second attempt on one take. (Well yes, it’s actually the second take). With that, we’ll be looking at 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188 as next target.
Action bias table also support this view. As seen in D action bias chart, EUR/CHF is maintain solid upside action bias. The neural and two red bars indicated consolidation. And H action bias turned blue again, suggesting pick up in upside bias.
