Is the euro ready for an uptrend against the Swiss franc?
We’re taking a look at EUR/CHF’s 4-hour chart today to see if the pair has broken key resistance levels.
Check it out!
EUR/CHF: 4-hour
EUR/CHF has had a good couple of days, rising from the .9690 levels late last week to trade closer to the .9780 area after breaking a range consolidation.
What got my attention was that the last 4-hour candlesticks broke above a trend line resistance that had been keeping EUR buyers at bay since March this year.
Not only that, but EUR/CHF is also trading above the 100 and 200 SMA for the first time since last month.
Are we seeing signs of a reversal?
Buying at current levels would set you up for a good risk ratio especially if EUR/CHF jumps to its .9850 or .9900 previous areas of interest.
Before you buy EUR/CHF like it’s Apple’s Vision Pro headset, though, you should know that Stochastic is already hanging out at the “overbought” levels.
EUR/CHF has also yet to knock on the .9800 psychological level that served as a key inflection point in late April to early May.
If you see EUR/CHF trading back below its broken trend line resistance, then you should also consider selling the pair until it reaches its June support levels.
Good luck and good trading this one!
