Since the January 2015 crash, the price price of EUR/CHF has hit a high of 1.1197 but has steadily declined since then and fell to a low of 1.0621. Since hitting that low, price has meandered in a tight trading range but is relentlessly heading down to back to this critical level and it is known that the SNB has been busy defending its currency.
The problem the...
As long as 1.0624 area holds EURCHF will travel sideways. A break above 1.0893 would turn the structure more BULLISH but for now this pair will travel sideways with little sign of change.
Strong support at 1.0683 is a BUY
Strong resistance at 1.0752 is a SELL
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...
EURCHF has benefited from the surprise talk of a future ECB rate hike and has moved higher impressively on Friday.
Studies are now seriously overbought and with EURCHF at resistance its unlikely there's much left for EUR BULLS here. As can be seen, price is now meeting the 200 sma and this will prove a formidable barrier.
SHORT this pair on open. STOP...
The EURCHF rallied strongly on Friday and as long as 1.0624 holds price is likely to drift sideways as it has for the last few weeks. A break above 1.0747 would suggest a stronger move north is possible but this is not a pair that presents many good trading opportunites.
SHORT on a close below 1.0624.
LONG trade possible above 1.0748
Carleton Capital like the look of a SHORT from the area of resistance marked.
This area coincides with WR1 pivot and we would expect SELLERS in this area.
Our trade recommendation is to SHORT this pair if we get to 1.0864.
* Warning - clearly the US Presidential Election will impact across all markets so we have a tight STOP on this trade at 1.0876 which is...
Long EURCHF - 9/10 Conviction:
1. Having watched the 1.08 level closely post-brexit it certainly looks as if there is some FX intervention going on at the 1.08 handle - suspicions enforced even more as SNB President Jordan has said in the past that FX intervention is on the cards should CHF move even higher when we were around this level previously.
Here we have a bullish bat forming as price approaches the bottom leg of a rising channel on the weekly chart. Looking for a reversal around the 1.0828 mark and taking profit at the 0.618 fib level from A to D.
AB: 0.382 - 0.5
BC: 01.382 - 0.886
CD: 1.682 - 2.618