The 1.15 Level Survives In EUR/CHF
Yesterday we opened a forex signal in EUR/CHF. This pair was tumbling lower in the afternoon as EUR/USD was head diving after the hawkish statement from the new FED Chairman Jerome Powell.
When we opened our signal in this pair, it was trading around 1.15. That level had been forming a support zone around in the previous few weeks. So, we decided to go long right there and then.
The support zone around 1.15 is holding
We could have waited a little longer to be honest. This pair was in the middle of the decline and the decline was happening pretty fast. All forex majors were losing ground pretty fast in the afternoon after Powell’s statement. Although, safe haven currencies were holding up better than the other majors.
So, EUR/CHF was diving pretty quickly and it reached 1.1480s. But that level is well within the zone of the 1.15 support level. This morning, this forex pair is making a turnaround higher and we are well in profit with our signal at the moment.
The 100 SMA (green) is supposed to provide resistance on top and that moving average is standing at 1.1530 at the moment. So, there’s still more room to the upside. The stochastic indicator is also oversold and heading higher, so the revere is happening. We’re holding on to this forex trade.
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