EUR/CHF Is Turning Around, Hold On to Your Position
Skerdian Meta • 1 min read
We opened a buy forex signal in EUR/CHF yesterday as this pair was sliding lower. This pair has been in an uptrend for quite some time and last week the uptrend gained more pace as the Swissy moved lower.
Although, this week we are seeing a retrace take place. Safe haven assets are attracting some heavy bids at year-end so the Swissy and the Yen have been in demand durig this week. I guess, forex traders are making their last moves and the thin liquidity is making things worse.
So, we decided to go long on EUR/CHF yesterday. We opened a buy forex signal at 1.1712 as this pair was finding support at the 100 SMA oin the hourly chart.
But, the run for safe havens continued further and EUR/CHF slided some more. The price got close to SL last night but our forex signal survived it. Now, it looks like the price is reversing back up. I can’t post charts right now, but if you check the daily chart, you can see that the price stopped right at the 20 SMA.
Besides that, the 50 and 100 SMAs were also providing some sort of support on the H4 chart. In the last few hours though, the tide changed. The price has climbed about 50 pips higher and has moved above 1.17 again. Our signal is in profit now so it looks pretty good. Maybe we will get a bonus for the New Year next Tuesday, hold your position.