EUR/CHF met a strong resistance

EUR/CHF met a strong resistance

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.



How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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