Forex Trading Library

Trade of the Day – EURCHF – Limited upside

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EURCHF – Intraday – We look to Sell at 1.1305 (stop at 1.1325)

Broken out of the wedge to the downside. Continued downward momentum from 1.1345 resulted in the pair posting net daily losses yesterday. The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.1305, resulting in improved risk/reward.
Our profit targets will be 1.1240 and 1.1200

Resistance: 1.1305 / 1.1317 / 1.1325
Support: 1.1256 / 1.1238 / 1.1198

 

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