Yesterday we closed our short term EUR/CHF signal manually for a 20 pip profit. It hit the take profit target a while later, though.
We sold this forex pair at around 1.0690 a few days ago as EUR/CHF bulls were testing the 1.0680-1.07 level. This area was a massive support level for months, so it´s only normal that it now turns into resistance.
So we closed that forex signal yesterday and we are trying our luck again today. Only this time, our position in this pair is long.
The sellers have been pushing the price lower all morning today and right now, we are at a support level. The 1.0630-40 area is not as strong as 1.07, but it has held the price a few times in the past several days and eventually reverse it higher.
Back up again?
Besides that, I think that the SNB (Swiss National Bank) guys get itchy around here. Yesterday, we saw this forex pair jump about 30 pips in minutes for no reason from this level.
So, I think that we have the SNB covering our back as well on this one. This signal is about 5 pips in profit now and the chart setup points up as the previous candlestick closed as a pin. This candlestick formation gives a bullish signal.
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