Where Does Our EUR/CHF Signal Stand?
Skerdian Meta • 1 min read
Last Friday we opened a forex signal in EUR/CHF. This forex pair has been following a steep uptrend over the last 3 weeks. We figured that we could get in long, in the same direction as the trend, after all, the trend is our friend.
This forex pair broke above the 1.10 level early last week, which has been a strong resistance level for a long time. Now, that level has turned into a support area, give or take 10-15 pips.
You can find a support & resistance strategy article in our "important trading strategies" section.
The 50 SMA is working at the moment
Although this pair ran considerably higher last week, there are support levels which have formed above 1.10.
As you can see on the H4 forex chart, the first level comes at around 1.1030 which is where we can find the 20 SMA (gray).
That´s holding the price at the moment after a 30 pip dive this morning. The Swiss GDP and industrial production came out higher than expected earlier today, so that put some pressure on this pair, though the decline has now stopped.
Update: The safe haven currencies made a jump just now, so EUR/CHF has dived to 1.1010. Our signal got smoked by that dive. However, we just opened another buy signal since this is a big resistance/support area, as we mentioned above.