EUR/CHF Hesitates, Corrective Threat Develops
FXTechstrategy Team | Aug 15, 2015 07:20PM ET
EUR/CHF: The cross may be biased to the upside in the medium term but its price failure, taking back more than half of its gains the past week, could trigger a full blown correction. Corrective signs are already seen on the daily chart. Support lies at the 1.0800 level, where a break will aim at the 1.0750 level and then the 1.0700 level. A break below here will turn attention to the 1.0650 level. Conversely, resistance resides at the 1.0900 level, where a break will aim at the 1.0950 level. A break of here will have to occur to create scope for a run at the 1.1000 level. Further out, resistance comes in at the 1.1050 level. All in all, EUR/CHF remains biased to the upside in the medium term but caution.
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