EUR/CHF’s Choppy Session Continues – Quick Trade Idea
Arslan Butt • 1 min read
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
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!