The Euro Dominates As The Swiss Franc Weakens

• 27 Feb 2018

CHF/JPY

The CHF/JPY appears to have stalled at the 113.89 price level after a large sell-off. Although there is selling pressure, the pair has been unable to break the support level. RSI is suggesting a momentum reversal after having reached oversold conditions. A bullish candle to break the 114.46 price level and a reversal on MACD will be required to initiate entry positions.

EUR/CHF

A bullish advance for the EUR/CHF pair further highlights Swiss Franc weakness. The pair has moved to test the 20- period EMA of which a break would provide further weight to the bullish move. MACD is undergoing a momentum reversal and RSI has a mild upward trajectory.

Impact event: German CPI data will be released at 15:00 GMT+2 and will impact all EUR pairs.

EUR/NZD

Bullish momentum continues for the EUR/NZD pair which has broken the 20- period EMA to the upside. Momentum indicators support the bullish move with RSI beginning an upward trajectory. The reversal has also been supported by rising volume which indicates appetite from buyers to push prices higher.

EUR/GBP

The EUR/GBP has been oscillating around the 20- period EMA for a number of weeks, however, in recent trading the EMA appears to be acting as a resistance level. As price action approaches the EMA selling pressure appears to keep the pair around the 0.882 price level. MACD has begun a bearish momentum reversal and is apporaching the zero line. RSI remains neutral, while volume continues to decline. There may not be enough conviction from buyers to push prices higher.