Trade Alert
Because the short-term downside resistance line has been broken, for now, we will stick to the upside.
If the pair could either continue sailing north from the current level, or it could retrace back down a bit, hit the downside line and then bounce off of it. We could then start targeting levels like 1.1410, or 1.1455, marked by the high of the 28th of August. A break of that area could interest more bulls to jump in and we could see EUR/CHF traveling a bit higher, towards the 1.1490, which acted as good initial support on the 3rd of August.
Alternatively, a move back down below the downside resistance line could spook the bulls in favour of the bears, who in their case, could drive the pair back down towards the 1.1220 zone, or even the 1.11830, marked by the September low.
Don't forget your SL.
Because the short-term downside resistance line has been broken, for now, we will stick to the upside.
If the pair could either continue sailing north from the current level, or it could retrace back down a bit, hit the downside line and then bounce off of it. We could then start targeting levels like 1.1410, or 1.1455, marked by the high of the 28th of August. A break of that area could interest more bulls to jump in and we could see EUR/CHF traveling a bit higher, towards the 1.1490, which acted as good initial support on the 3rd of August.
Alternatively, a move back down below the downside resistance line could spook the bulls in favour of the bears, who in their case, could drive the pair back down towards the 1.1220 zone, or even the 1.11830, marked by the September low.
Don't forget your SL.