Eurchfbuy
What say you, Swiss Franc? (1)From the previous two trading session, the Swiss Franc 0.39% descended strongly against its major Forex currencies. An acquaintance of mine has told me that although no news of it was there, it seems that the SNB (Swiss National Bank) has intervened with the Swiss.
When I started stock and forex trading, I've already heard rumors and sayings that the Swiss Franc 0.39% is a 'controlled currency.'
Several Swiss Franc pairs have reached several resistance/support; after two days of intense decline on the currency, I'm expecting some pullback where it may give a better entry position to be able to enjoy the ride!
EURCHFOur preference: position bought above 1.0865 with targets at 1.0900 & 1.0910 in extension.
Alternative scenario: in break of 1,0865, a continuation of the decrease will be envisageable with 1,0850 & 1,0835 in line of sight.
Comment: The RSI militates for a rebound.
Long EURCHF Longterm based on 4H - 1M ChartsWe can see the EURCHF is nearing a major support level and if we look at the 1W + 1M charts, we can see sellers are slowly diminishing and momentum is changing in favour of buyers, however we may see this manage a leg lower before price can move up. A conservative entry would be to wait for a break of the downtrend line, whilst staying above the uptrend line and closing above it.
I have set a wide stop on this, however, my personal approach will be more aggressive with a tighter stop loss and my first target will the resistance level marked out.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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