EUR/CHF Technical Analysis: Clocks 8-day high above 1.12, charts favor further rise to 38.2% Fib

EUR/CHF is currently trading at an 8-day high of 1.1219 and could rise further to 1.1248 (38.2 percent Fibonacci retracement of 1.1385/1.1162), as the move to the highest level since March 27 has bolstered the bullish view put forward by shorter duration charts earlier this week.

4-hour chart

The bullish divergence of the relative strength index (RSI) followed by a convincing move above the 50-hour moving average (MA) indicates the sell-off from March 12 highs has made a temporary low at 1.1162 and a stronger corrective bounce to 1.1248 could be in the offing.

Supporting that bullish case is the above-50 print on the 14-day relative strength index (RSI) and pair's break above 1.1215 (23.6% Fib R of 1.1385/1.1162).

The case for a corrective bounce would weaken if the spot falls back below the 50-hour MA, currently lined up at 1.12.

Trend: Mildly bullish