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EURCHF BULLISH CONTINUATION SETUPHi traders, The EURCHF reversed from weekly support and broken out of descending trendline and key resistance level. . Currently, the price is making a bearish correction to retest the broken resistance level that lined up with moving averages and 50.0 Fib ratio level as support. . EURCHF bearish correction which unfolding as ABC zigzag pattern is probably a wave iv "black" of a larger impulsive wave (iii) "brown." . We will wait for the price to complete the correction at our confluence level and look for a breakout of the blue CTL for a long entry. . Price has the potential to move higher and complete impulsive wave v "black." The main target is -27.0 FE that lined up with resistance level as projected on the chart. . Thanks for reading!
Long
by Veejahbee
EURCHF (1D): EUR Event PlayEURCHF Timeframe: 1D Direction: Short Confluences for Trade: - Bearish candles formation - Price rejected Resistance Trendline (since May 18) - Horizontal Resistance Trendline (38% Fibo level) strong - Price broke the Short Term Trendline (since Sept 18) - Stochastic Overbought momentum - Fundamentally, Italy supposed to provide EU with a revised budget this coming Tuesday but from the likes of it, unlikely there would be any revision. The continuation of this budget issue will only make Italy's budget deficit worse with the Italian bond yields spiking higher. Suggested Trade: Entry @ Area of Interest 1.1370 - 1.1430 SL: 1.1497 TP: 1.1191 RR: Approx. 2.00 (Depending on Entry Level) May the pips move in our favor! Good luck! :D *This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Short
by weekendanalyst
Swiss franc: referendum results and reaction of the francOn Sunday, a referendum was held in Switzerland. There were two issues on the agenda: the initiative on "living money" and the law on gambling on the Internet. The greatest fear among investors was caused by the potential radical reform of the banking sector of the country (Vollgeld). In case of a positive vote for this initiative, the country was in danger of serious shocks. But unlike the British, the Swiss had the prudence not to cut the branch on which they sit. The result of voting on this initiative is a sure failure. Accordingly, the status quo is preserved in the Swiss banking system. As for the second issue - protecting consumers from the "harmful consequences" of online casinos from abroad, this initiative was supported. Recall, many Swiss believe that this is only the first step towards the introduction of "Internet censorship" for "unwanted sites." In total, nothing radical has happened. So, the flash crash of the franc has been avoided. The reaction in the foreign exchange market was by and large absent, which once again we note, is conditioned by the nature of the results of the referendum. Force majeure, which could occur, did not occur, accordingly, the fundamental background did not change. However, we still do not see any reasons for his purchases. The fundamental reason for lowering the franc this week could be the meeting of the Presidents of the United States and North Korea (scheduled for June 12). Peaceful statements from Singapore following the meeting should provoke a decrease in demand for safe-havenassets. Accordingly, the franc will become the object of sales. Technically, in pairs with the euro, the pound and the Japanese yen, there are good opportunities for franc sales. And the potential for its reduction in each of these cases is several hundred points. The bases are the same - these crosses are close to the boundaries of their medium-term ranges, which means that the probability of their reverse is high now. For example, in the GBPCHF pair, the growth target is 1.35 or even 1.38. In the EURCHF cross it is about 1.18 or 1.20. As for the pair CHFJPY, the target of the current movement is the area of 108.50. As you can see, the Swiss franc has sufficient potential for decline in the foreseeable future, which is worth taking, selling it primarily against the euro, the pound and the Japanese yen.
Long
by Trade24Fx
EURCHF: the last preparations before the referendumEURCHF expectedly could not overcome the lower limit of its medium-term range of 1.15-1.20 and everything goes to the fact that the range trading will continue. And this means that the goal of the current movement is growth to the upper border, that is, to the area of 1.20. What will act as drivers of this growth? From the point of view of the euro-component of this cross, these are the following points: a) a certain reduction in the political tension in the Eurozone - the improvement of the situation in Italy and Spain; b) market participants are waiting for the forthcoming meeting of the ECB and announcements about the beginning of the curtailment of the ultra-soft monetary policy; c) good statistics from the Eurozone, published this week, sets up traders to a positive attitude towards the euro. As for the franc, we continue to focus on the upcoming referendum. Yes, there are not so many chances for voting "yes" about the reform of the banking sector, but from this the potential reaction to the force majeure outcome only increases in a scale. That is, the franc is vulnerable. It is possible that on Friday some investors will decide to withdraw from the franc "just in case". And this means that the conditions for the growth of the pair are now the most favorable. In this regard, we recommend buying a pair from current prices (with the possible increase of the overall position around 1.15, if the pair suddenly decides to return to this key support). The purpose of these purchases – movement to the upper limit of the range (1.20), where it is worthwhile to take profits. As for possible force majeure in the form of referendum results, in this case we recommend to set pending orders for breakthrough above 1.20 and profits in the 1.30 area.
by Trade24Fx