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The cross rallied sharply higher...>

EURO-SWISS TECHS
EURO-SWISS TECHS: The cross rallied sharply higher yesterday. It has managed to
hold above 1.0600 today and looks set to extend gains. Key technical
developments worth noting are:
- Resistance at 1.0612, Apr 28 high has been cleared. We have highlighted this
level recently as a key risk parameter. The break is a bullish development.
- Additionally, the move above 1.0612 has also confirmed a double bottom
reversal pattern reinforcing a potential shift in sentiment to bullish. The
patterns price projection is 1.0716.
- The cross has cleared its 50-day EMA. This is an important technical
development reinforcing a bullish theme.
- Further out, if the cross is able to follow through and clear the 1.0710/16
area, this would signal scope for gains towards 1.0788, Jan 22 high and the
1.0800 handle.
- Major support is unchanged at 1.0508., Apr 16 low.
- See chart: https://marketnews-m.objects.xtenit.com/EURCHF_Curncy_Reversal.jpg

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