Bearish momentum prevails in EUR/CHF.
At the time of writing, the pair is trading near 0.9987, having risen from the local multi-year low of 0.9965.
Given the pair's bearish momentum and growing demand for safe-haven assets, today's rise should be seen as an opportunity to enter new short positions. The signal can be the breakdown of the local low of 0.9965.
Most likely, price will continue to decrease until there are new support levels. So far, there are none.
Alternatively, the pair could move towards the short-term resistance level of 1.0113 (200 MA on the H1 chart), the breakdown of which will be a signal for a rally.
But for now, short positions remain preferable, especially since below the key resistance levels of 1.0400 (200 MA on the daily chart) and 1.0430 (50 MA and the upper line of the downward channel on the weekly chart), EUR/CHF remains in the area of long-term bear market.
Support levels:
Resistance levels: 1.0000, 1.0100, 1.0113, 1.0200, 1.0239, 1.0250, 1.0345, 1.0400, 1.0430
Trading recommendations:
For short positions: Stop Loss - 1.0020. Take Profit - 0.9900, 0.9800, 0.9700, 0.9600
For long positions: Stop Loss - 0.9960. Take Profit - 1.0100, 1.0113, 1.0200, 1.0239, 1.0250, 1.0345, 1.0400, 1.0430
