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Euro / Swiss Franc
Short

EURCHF → A safe CHF could lead to a fall in the pairing

By RLinda
Updated
EURCHF is actively declining towards 0.9677 and is not ready to go up yet. Based on the general fundamental background, the currency pair may continue to fall towards 0.96 or 0.95

After a false breakdown of the range support, there is no strong reaction and the price returns to the level (retest). Fundamentally, CHF is stronger than EUR.
The reason for the strong fall of the currency pair is the strong Swiss franc, which is getting stronger on the background of growing risks of recession in Europe, because in this case the Swiss franc plays the role of a hedge asset. The situation is such that determines the medium-term potential. The currency pair may continue to decline after the breakout and consolidation of the price below 0.9677. In addition, the decrease in the ECB interest rate is also a favorable background


Resistance levels: 0.9738
Support levels: 0.9677

I expect that a retest of the support may lead to a breakout of the level, which will provoke a strong sell-off in the market.

Regards R. Linda!
Note
Support is broken
Falling
Trade active
Note
After correction, the fall may continue
Note
Continuing to hold
Trade active
The fall continues.
Price updates the local minimum
Trade active
The target can be achieved in the near future
Trade closed: target reached
snapshot
Trade active
Waiting for 0.95 - 0.945
Trade closed: target reached
0.95 target achieved
Chart PatternsconsolidationelliotwaveanalysisFibonacci RetracementFLATFundamental AnalysisretestSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
RLinda
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