Trading Talks EUR/CHF May 10
The positive part of my prev. Euro analysis has been fulfilled and the Euro Franc has now reached 1.05 where it met the EMA 200 on the daily chart. I’m looking at the next key resistance at 1.06, where the pair was last time back in February. The current price is 1.047 that is about 79% of the local Feb decline. But I also want to note that the higher trend is downward and this is clearly visible on the weekly chart. Therefore, the current growth is probably just a correction, although the MACD signals a buy opportunity. If 1.06 is passed within this trend, I will expand the options up to a possible increase to the key resistances of 1.07 and 1.09.
The nearest support is at 1.0401, so there is a possibility of a short-term price decline, especially since the four-hour MACD has turned into a sell signal.