EUR/CHF’s Choppy Session Continues – Quick Trade Idea

EUR/CHF is trading at 1.05935 after testing the 61.8% Fibonacci support around 1.0570. Closing of candles above this level may drive buying in the market until 1.06060 and 1.06235 resistance areas. On the downside, a bearish breakout of 1.0570 level can lead EUR/CHF to the next support level of 1.0530.

Overall, the EUR currency may not find buyers due to intensifying recession fears. Moreover, the European Central Bank’s decision to launch a fresh EUR 750 billion worth of QE program could keep the EUR buyers quiet.

EUR/CHF- Daily Technical Levels

Support Resistance

1.0563 1.0635

1.0527 1.0672

1.0455 1.0745

Pivot Point 1.06

Technically, EUR/CHF is keeping the bearish bias as the pair has closed a bearish engulfing candle below 1.0602 support become resistance area, and the MACD is also in the selling zone. Both support the sentiment that the pair has the potential to go after further lower towards 1.0560 soon. The idea is to stay bearish below 1.0602 with a take profit of around 1.0550. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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