Short EURCHF breaking through support
I'm not good at explaining my analysis, but the general idea is that EUR lost steam and is very bearish now, this pair was flat for a while but yesterday finally broke down, we saw some resistance today, but the fact that this pair kept falling despite the weakness of the CHF confirms the breakdown.
In the Swiss franc currency Index we see that the fall stopped at the 100 level (a strong resistance) and I expect some more movement near that level but eventually breaking upward.
The euro index is almost a mirror of the EURUSD, but seeing their tight correlation this is understandable, here we see that the euro is falling, it took a breather during weak USD data, but resumed the fall.
The general idea is that EURCHF is a low risk trade right now with very good potential should the CHF starts it's rally. We could see 1.175 levels normally and a fall to the 1.15 level isn't impossible if the CHF picks up. My personal stop loss is 1.19 at the close, meaning if the price closes over that price I'm out.
I expect movement to be more or less as displayed in the chart. Gl to everyone and take care trading.
In the Swiss franc currency Index we see that the fall stopped at the 100 level (a strong resistance) and I expect some more movement near that level but eventually breaking upward.
The euro index is almost a mirror of the EURUSD, but seeing their tight correlation this is understandable, here we see that the euro is falling, it took a breather during weak USD data, but resumed the fall.
The general idea is that EURCHF is a low risk trade right now with very good potential should the CHF starts it's rally. We could see 1.175 levels normally and a fall to the 1.15 level isn't impossible if the CHF picks up. My personal stop loss is 1.19 at the close, meaning if the price closes over that price I'm out.
I expect movement to be more or less as displayed in the chart. Gl to everyone and take care trading.
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