The EUR/CHF pair initially fell during the day on Monday, but found enough support below the 1.0350 level to turn things back around and form a hammer.
The EUR/CHF pair initially fell during the day on Monday, but found enough support below the 1.0350 level to turn things back around and form a hammer. The hammer of course is at the bottom of the larger consolidation area, which extends all the way to the 1.05 level. With that, the markets will continue to be very sideways, as overall we are essentially stuck. We believe that a break above the top of the hammer for the Monday session is reason enough to go long. As far selling is concerned, we have no interest in doing so until we get well below the 1.03 level.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
