Is the Euro ready for a bullish trend against the Swiss Franc?
Take a look at the 4-hour chart of the EUR/CHF today to see if the pair has breached the major resistance levels.
check it out!
EUR/CHF 4-hour forex Planned by TV
The EUR/CHF had a few good days, rising from 0.9690 levels late last week to trade near 0.9780 area after breaking range consolidation.
What caught my attention is that the last 4 hour candles broke above the trend line resistance that has been blocking euro buyers since March this year.
Not only that, but EUR/CHF is also trading above the 100 and 200 SMAs for the first time since last month.
Do we see signs of a reversal?
Going long at current levels should set you up for a good risk ratio especially if EUR/CHF jumps to .9850 or .9900 previous areas of interest.
Before you buy EUR/CHF like Apple’s Vision Pro Headphone, you should know that Stochastic is already hanging at “overbought” levels.
EUR/CHF has yet to touch the psychological level of 9800 which served as a major inflection point in late April to early May.
If you see EUR/CHF trading again below the broken trend line resistance, you should also consider selling the pair until it reaches the June support levels.
Good luck and good trading this one!