Forex Marketz Daily Forex News – Fully Markets Update
EUR/CHF – 1.20313
The EUR/CHF Currency pair is continuing in a bearish path. Looking at the hourly chart below we see the bearish pattern continuing from October. There are slight waves of recovery but in general the pattern is clearly downward. The EURCHF is presently trading at around 1.203 with support at 1..2042 and resistance at the trade level. We can see the bottom of the bollinger bands at the level of the trade thus illustrating the extend of the bearish position.
The minute chart below is more pronounced in the bearish pattern, but here traders could expect a quick recovery period. This could allow a planned trader the opportunity to trade in the hedge position also.
Traders should also note that this is the lowest trade position since the summer of 2012. There the bottom was at around 1.200. Could we see the decline to that level? Perhaps, but the next few days of markets will indicate it better. Traders should be cautious optimistic on the bearish position and plan accordingly.
