We have reached Monthly low from 2015 when the depegging event happened though I have seen data on MT4 platforms where the spike down was a lot lower see the support level below.
We can see price action getting very choppy around this level both on the weekly and daily charts and last weeks candle close looks very likely that we will get a move up from this level.
I will look to BUY the EURCHF at or below 0.96 and have a stop loss below 0.946 well under last weeks low as price could come down to test that before moving back up.
For profit target I will look to target the 0.997 area which is the last Weekly low that was taken out to create the current low I suspect price will target there and then sell off again before rallying back up towards the 1.04 area.
Markets are currently heavily driven by fundamentals so what should normally happen from a technical approach may not happen at all.
We can see price action getting very choppy around this level both on the weekly and daily charts and last weeks candle close looks very likely that we will get a move up from this level.
I will look to BUY the EURCHF at or below 0.96 and have a stop loss below 0.946 well under last weeks low as price could come down to test that before moving back up.
For profit target I will look to target the 0.997 area which is the last Weekly low that was taken out to create the current low I suspect price will target there and then sell off again before rallying back up towards the 1.04 area.
Markets are currently heavily driven by fundamentals so what should normally happen from a technical approach may not happen at all.
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