Home Technical Analysis EURCHF: Suggested long wasn’t activated, intraday analysis reviewed

EURCHF: Suggested long wasn’t activated, intraday analysis reviewed

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In our previous technical comment for the EURCHF pair, we suggested potential upside actions, but that was in one condition.

Our condition was a breakout above 1.0575 –string resistance- , but the EURCHF pair failed in maintaining levels above 1.0575.

eurchf-fxcomment-12-06-2015

The slide from the median line of Pitchfork channel signals potential downside resumption once again, reinforced by the recent negativity on trend and momentum indicators.

In result, we cancel out any buy stop positions and add a new sell using market order with targets at 1.0370 support and 1.0280 respectively.

The new resistance level of 1.0450 should protect sellers.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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