olly48

EUR/CHF Wait For Retrace

FOREXCOM:EURCHF   Euro / Swiss Franc
This has continued to rise massively, I was expecting a retrace to come around the resistance level but it just continued straight through it like it was not there. This gives an opportunity though when this retraces it should go back to the resistance level and that will now act as support, I am looking for it to go anywhere between 0.382 and 0.5 Fibonacci for an entry. Although we still need to see signs that it will rebound from this support before entering the trade.

RSI is at a massive 92.30 so retrace will surely come soon. Once this does retrace target will be at the resistance level of 1.10568