EUR/CHF gets some help

EUR/CHF gets some help

Trade idea

BUY 1.0920; TP 1.0960; SL 1.0905

It turns out that the Swiss National Bank is buying foreign currency in order to limit the appreciation of the CHF. The main currency pair which is monitored by the central bank is EUR/CHF. Yesterday, the pair formed a hammer-like candlestick on D1 - a sign of a potential bullish correction. The pair will retain chances of such a move as long as it’s trading above the 50-hour MA in the 1.0910 area. The target is at 1.0960 (50% of the July-August decline, July low).

EURCHF.png

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