More Armour for Our EUR/CHF Signal
Skerdian Meta • 1 min read
A while ago we posted our update about the EUR/CHF signal. We highlighted the 1.0630-40 area as a strong short term support level.
We also saw the SNB intervening down here a couple of days ago, so that gives us some extra confidence.
However, by switching to the daily forex chart, we can see that the 1.0620 level, which is less than 20 pips below here, is an even more important level. This was the low after the Brexit vote in June 2016.
The Brexit low is only 15 pips away.
This is also the lowest level in about two years. But before getting there, the 1.0640 level provides some sort of resistance too. The SNB crash in January 2015 took CHF pairs to some extreme levels and this level is the 38.2% Fibo level.
Further below is 1.06 so a lot of support on the way down. Hopefully, the big names will see this and start reversing their trades.