Long on EUR/CHF at the Same Place for the Third Time

This week we had two buy signals in EUR/CHF. Both trades were opened at around 1.1360 which is above the top two moving averages on the H4 time-frame as you can see from the chart above. We closed the second signal manually last evening and today we are thinking of playing the same trade again.

EUR/CHF has slipped back down during the night as the feud between India and Pakistan continues, which is hurting the sentiment in financial markets. As a result, safe haven assets are attracting decent bids. In fact, we just went long again on EUR/CHF lower at 1.1346, which is a better entry point.

The price is just above the 100 SMA (red) which has acted as some form of support in the previous weeks. The stochastic indicator is not oversold yet, which means that there might be some more room to the downside, but this area around 1.1330-40 is a strong support zone, so we should see it hold and a reverse follow up. Well, let’s see if we can have three winning trades in a row in this pair today.