EUR/CHF – Trying Our Luck Again - Forex News by FX Leaders

EUR/CHF – Trying Our Luck Again

Posted Wednesday, February 8, 2017 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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