EUR/CHF – Mid-Term range still in play
|Price Action Context
We mentioned this range on the 16th of September and that price was pulling back into support, offering potential trading opportunities. Congratulations to those of you who bought at this support as you should be in good profit by now. Price has now hit the top of the range again with price being rejected for the 7th time from this resistance zone. If bears are able to defend this resistance short-term, a move down towards the bottom of the range is likely.
Trending Analysis
Bullish bias and we’re looking to trade from the bottom of the range until it fails. A strong daily break and close below 1.0710 would change our short-term bias to bearish with the next area of support coming in at around 1.0625. A break to the upside on the other hand would put 1.0890 into focus.
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