Thursday, May 28, 2015

EURCHF Buy Recommendation May 29th 2015

Currency Pair: EURCHF
Timeframe: Hourly Chart (H1)
Recommendation: Buy USDCHF @ 1.0320
Take Profit @ 1.0440
Stop Loss @ 1.0250

The EURCHF has drifted lower and recently grinding around its support level. I think we will see a move higher, partially due to fundamental data which will support a stronger Euro and partially do to some profit taking which will result in a short-covering rally.

We may test the bottom of its support level before a rally can unfold. Forex traders may want to wait for a breakout above its most recent intra-day high for a confirmation of a trend reversal, personally I went long already.

 PaxForex

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