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Eurchfshort

EURCHF; 5-Wave Elliott Wave Structure and the Magical 1.2 LevelAll is clear. On 15.1.2015, the notorious Swiss National Bank (SNB), abandoned the its 4 year tradition of defending the 1.2 level and caused a chaos in FX markets with great consequences. Now and after more than 3 years, the bulls have propelled prices up to this magical level and the Elliott Wave structure also calls for ending of a prolonged move. Also note that according to CFTC, speculators are extremely bullish on EURO and extremely bearish on Frank. Thus I expect lower prices ahead. Good luck, Ali Sharifazadeh, CFTe
Short
by SharifAzadeh
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EURCHF approaching major resistance, potential drop in price!EURCHF has bounced off its major resistance at 1.1567 (61.8%, Fibonacci extension , horizontal swing high resistance). A strong reaction could occur at this level, pushing price down to the next support level at 1.1483 (76.4% Fibonacci retracement , horizontal swing low support, 100% Fibonacci extension ). Stochastic (55,5,3) is approaching major resistance at 96% along with a bearish divergence. A corresponding drop in price might occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks
Short
by ICmarkets
1