TradersClassroom

EURCHF Former Resistance Turned Support

FX:EURCHF   Euro / Swiss Franc
19 0 1
One of the most basic forms of support and resistance is when a former resistance area becomes support. In this pair, price finally broke above the year high since the SNB pulled the rug out. In this instance, I will definitely look at price action as it reaches this area. SNB has said before that a weaker CHF is better for the economy. Really long term, I think the SNB would be delighted to see this pair reach the old 1.20 floor it once had. This obviously wont happen for quite a while if it happens at all. Just be aware of a good buying opportunity coming up.

We talk more about this in this weeks Weekend Preview: https://youtu.be/di0RJolXOyI

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