theforexportal
Short

EURCHF makes a move north but looks a SELL for now

FX:EURCHF   Euro / Swiss Franc
EURCHF on the back of a hawkish ECB moved impressively away from 1.0624 support but now has hit serious resistance coming in from the daily 200sma and historical resistance.
RSI studies are nudging overbought.
To misquote the old Yazz song - the only way is down from here. Its almost inconceivable that EUR/CHF could break through the resistance above it at the first attempt although rule nothing out where the FX markets are concerned.
Next week will be interesting as the markets may take a more measured attitude to the prospect of an EUR rate hike and everyone will hanging on ECB President Draghi's every word on Monday at 13:30 looking for clues.
Any attempt by Draghi to pour cold water on a future rate hike will see the EUR reverse sharply.
Best advice for this market is to see where the EURO is after Draghi speaks and then make a decision.
Trade idea.
SHORT this market at open with a STOP above the high.

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