• The euro breaches Fibonacci retracement resistance to confirm its bullish momentum.
• The next upside targets are 1.0420 and 1.0465.

The euro has rallied further against the Swiss franc on Thursday, extending its uptrend from early March lows right below parity, to the 1.0400 area so far.

The pair has reaffirmed its uptrend earlier today after the confirmation above the 61.8% Fibonacci retracement level of the February-March decline, at 1.0365, which has acted as support to attack the 1.0400 area at the time of writing.

With the euro strengthening across the board amid a moderate optimism about the possibilities of some progress in the peace talks between Ukraine and Russia and the EUR/CHF standing comfortably above the 50-day SMA, the next upside targets are the 100-day SMA at 1.0420 and February 21, 22 and 23 highs at 1.0465.

Once above here, the pair might take some time before attempting an attack to February 16 high at 1.0555.

On the downside, a bearish reversal below the mentioned Fibonacci retracement level, at 1.0365 might extend towards 1.0290/00 (March 10 high, 50% Fib. Retracement) before testing March 11 lows at 1.0195.

EUR/CHF daily chart

Technical levels to watch