Swiss Frank Gains Back In Strength
Admirals | Jul 15, 2013 06:45AM ET
Our last EUR/CHF analysis was quite optimistic, but recent movements have altered this view. On Tuesday, everything looked nice as the price was pushing upwards and heading towards the 1.2485 resistance after breaking the upper line of the channel-up formation. Unfortunately for people holding long positions, buyers could not hold those levels and the price went back south. The end of the week brought even more weakness and the price went to the closest support at 1.2360. Two attempts to break this level were unsuccessful, and drew two long lower wicks.
Today's European session started slightly above 1.2360. Defence does not look very promising. If sellers manage to put pressure on this level for a longer time, the chance for a breakout will increase. The plan minimum for buyers is to hold this level, and then move inside the channel-up formation again.
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