Hot Features
Premium
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
The break above 1.1831 takes EUR/CHF to it’s highest level since January 2015 – the infamous month SNB pulled the plug on their currency peg with the Euro. And with little in the way of obvious resistance, we’re seeking opportunities to go long towards 1.20.
The daily chart shows that short-term momentum is aligned with the longer-term bullish trend and, whilst a tad on the messy side, the trend has produced higher swing highs and lows. Furthermore, as momentum’s bullish trajectory from the 1.1447 low is increasing, it shows the trend is picking up pace.
Yesterday’s bearish pinbar at the highs is a mild concern as it suggests the upside is becoming exhausted. And as the close is almost a third the way down from its own high, it undermines the bullishness of yesterday’s close a little. That said, RSI is not overbought, price hasn’t moved beyond the upper Keltner band. Combine that with the longer-term bullish trend, it looks ripe to enter on compression above support.
Going forward, 1.1831 is a pivotal level for traders over the near-term. If we are to stabilise above support, it builds a case to enter long during a consolidation period. Whereas a break beneath it places EUR/CHF on the backburner until bullish momentum returns.
Faraday Research offers real time FX and Equity trade signals from qualified analysts. Click here to try us free.
