EUR/CHF Waiting For Permission For The Take Off
Admirals | Sep 23, 2013 08:52AM ET
Monday can be a very important day for the EUR/CHF. Technically, the pair is in the big symmetric triangle formation that supports the side trend for the last few months. Trades decrease volatility in anticipation for the bigger movement breaking one of the lines of the triangle formation. Today, at 16:15 GMT, a speech will be given by the SNB Chairman Jordan, his words can have a huge impact on this pair as the EUR/CHF is artificially supported by the SNB and their minimum exchange rate set is at 1.20.
Breaking one of those lines should start a major movement, so traders should carefully watch out for this pair during the next few days, with the anticipation of a long-term profitable trade.
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