EUR/CHF horizontal resistance in-play!
|The EUR/CHF is facing strong resistance around 1.05260, which is mostly extended by a downward trendline on the 4-hour timeframe. The 50 periods EMA is keeping the EUR/CHF pair around 1.0528. The Euro is mostly staying bearish while the Swiss Franc in a bullish mode in the wake of an extended number of COVID 19 events around the globe.
The coronavirus pandemic, if not pleasantly directed, could produce fragmentation of the European Union economy, threatening the bloc’s single market and the single currency, the head of eurozone finance ministers Mario Centeno told European Parliament, which is keeping the bearish pressure on a single currency Euro.
The technical side of EUR/CHF continues to neutral bias as the pair holds over the psychological support level of 1.0500. On the 4 hour timeframe, the pair has formed a symmetric triangle pattern, which is extending resistance at 1.05200 level. A bearish breakout of 1.05130 level can extend sell-off until 1.0500 support zone.
EUR/CHF – Trade Setup
Sell Below: 1.05295
Take Profit: 1.0510
Stop Loss: 1.05335
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.