In this pair I am currently taking a pause because I am not certain of which direction will continue.
We are trading BELOW the reference EMA's on the Weekly timeframe and therefore we are in a bearish area. But on the other hand we have a clear ascending channel that it is about to reach one of its support trendlines and that indicates a reversal.
From the fundamental point of view and taking into account the outcome of G7 summit and some other Global Economy factors I would be extremely cautious as we could continue seeing the CHF strengthening against the EUR.
My prediction is that it will go to the yellow circle drawn in the chart, roughly 1.073 are and bounce strongly from there. I could be wrong tho and bounce from 1.0855 area, matching with another detected ascending channel.
If you trade as I do, in different stakes, then you could try to place 1/3 at 1.0855 and the next remaining thirds at 1.073. Anything below better hedge or admit loss and move on.
Cheers.
We are trading BELOW the reference EMA's on the Weekly timeframe and therefore we are in a bearish area. But on the other hand we have a clear ascending channel that it is about to reach one of its support trendlines and that indicates a reversal.
From the fundamental point of view and taking into account the outcome of G7 summit and some other Global Economy factors I would be extremely cautious as we could continue seeing the CHF strengthening against the EUR.
My prediction is that it will go to the yellow circle drawn in the chart, roughly 1.073 are and bounce strongly from there. I could be wrong tho and bounce from 1.0855 area, matching with another detected ascending channel.
If you trade as I do, in different stakes, then you could try to place 1/3 at 1.0855 and the next remaining thirds at 1.073. Anything below better hedge or admit loss and move on.
Cheers.