Skip to main content

EUR/CHF slide sets a bear trap in place?

Very early on Friday the rush to safe havens during the Asian session came as news of a supposed Israeli strike in Iran sent the EUR/CHF tumbling. Prior to that the Euro had been trying to make headway following the surprise cut from the SNB, but it had already stalled just ahead of 0.9850. The Euro was edging lower last week, when this news sent it even lower. The EUR/CHF had closed on Thursday at 0.9710. The slide on Friday saw it dump to a low at 0.9565. However, it was back above 0.9700 by the close in the US (at 0.9703) and in the process formed a massive hammer on the daily charts- please take a look at a daily candle chart of that on the platform. This is a bullish signal when seen in a downtrend. So, as such it could lead to more upside this week, provided the geopolitics and another rush to havens do not get in the way of that. The EUR/CHF range seen so far today has been covered 0.9678 to 0.9726 and it is on that session high right now 

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!