In a somewhat surprising move, the Franc appreciated during the Thursday session. The pair has a massive support zone between 0.91 and 0.90, and it has fallen towards the bottom of this area at the end of the Thursday session. The level should be fairly supportive, but as long as the EUR/CHF pair remains above the 1.20 level – there shouldn’t be any intervention by the Swiss National Bank. The 200 day EMA is being violated, and as such the Friday close should be vital. We are going to wait until we get the close of trading today to make another trade. On signs of support, we fell this could be a good place to buy, however – there is always the threat of further losses, so on a daily close below 0.90 – we would sell. This assumes that the EUR/CHF isn’t threatening the intervention zone below 1.20 in that pair.
Written by FX Empire