EUR/CHF Breaks Descending Triangle - US Session Trade Idea
|The EUR/CHF currency pair has traded in line with our previous forecast to hit the take profit at 1.0640. The cross continues to trade bearish at 1.06410 area as the weakness in the Euro and Safe-haven appeal of Swiss Franc is dominating the market.
Looking at the 4-hour timeframe, the EUR/CHF pair has violated the descending triangle pattern, which was keeping it supported over 1.06679. Since this level is broken, we may see EUR/CHF prices going further down until the 1.0625 area today.
|
Support |
Pivot Point |
Resistance |
|
1.0682 |
1.0696 |
1.0713 |
|
1.0665 |
1.0727 |
|
|
1.0634 |
1.0758 |
The recent candles are exhibiting a bit indecision among traders, which may drive slight bullish movement in the EUR/CHF currency pair until 1.0655 level, but below this, the odds of selling remain strong. Therefore, let's take a bearish trade now to target the next support level of 1.0625.
EUR/CHF - Trade Setup
Sell Below 1.0645
Take Profit 1.0620
Stop Loss 1.06650
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