Swiss Franc is About To Reverse
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
EUR/CHF met a strong resistance
2019-11-11 • Updated
Trade idea
SELL 1.1320; TP1 1.1295; TP2 1.1260; SL 1.1330
EUR/CHF formed an ‘Inside bar’ candlestick pattern followed by a ‘Fakey’ (a bearish candlestick with a big upper wick which signals that the break up has failed). Moreover, the pair closed below 100-day MA (1.1330). This gives us reasons to expect EUR/CHF slide to 1.1295 (50-day MA). If the pair loses this level as well, the next downside target will be at 1.1260 (Nov. 28 low). A bullish move will be possible only if the pair fixes above the resistance at 1.1350.
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