EUR/CHF: don’t trust the euro
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Trade idea
SELL 1 0940; TP1 1.0921; TP2 1.0900; SL 1.0950
The upside of EUR/CHF has so far been limited by 1.0975 (the 50-day MA and the 50% Fibonacci retracement of the December decline). On Monday, the pair slipped below 1.0940 (the 100-day MA) resuming the decline that started last week. On the H4, moving averages got in position that is typical for a downtrend. The retest of the resistance in the 1.0940/46 area may thus represent an opportunity to enter a short position targeting the lows in the 1.0920 area and the support line just below 1.0900.
