EURCHF 1.0962 – Bullish – Posts new YTD highs

EURCHF cleared 1.0960 (August 12, 2015 high) to post a new YTD high at 1.0969 on Tuesday (September 8, 2015). The series of higher lows including 1.0873 (September 8, 2015 low) and 1.0800 (September 4, 2015 low) should underpin further upside. Sustained strength above the 1.0969/1.0960 area should propel the pair towards 1.0999/1.1014 (August 29/September 5, 2011 weekly lows) ahead of the 61.8% retracement of the 1.2096/.9650 fall at 1.1170. However, a deeper pullback below the 1.0800 area would caution bulls and risk a retest of the 1.0732/1.0712 zone (August 28/20/19, 2015 lows) which is near the 200 day moving average.

Outlook:
Short term: bullish
Long term: bullish