Fundamentals: The Swiss National Bank (SNB) wants a weak franc in the previous weeks. It is doing this because it wants to boost inflation to rid the country of its deflationary problems. This deflationary problems have plagued them in the past decades so they won't like it to happen again. Basically a strong EUR and a weak CHF
Technicals: A descending triangle has formed on the 1D time frame and has been making lower lows on the 4H and 1H time frames. A break below the support at around 1.0635 could clearly indicate a short order on this pair. If a break happens, I will be waiting for a retest of the support turned resistance then finally go short. 1D RSI also shows lower lows and could go lower. Price is below the 4H 50 EMA and we are in a downtrend so I would prefer riding this trend.
Follow my trading view account for more ideas.
Ideas posted are not financial advise, but merely just to give insights and education for traders.
Past performances do not determine future gains.
As sniper traders, we tread carefully.
Technicals: A descending triangle has formed on the 1D time frame and has been making lower lows on the 4H and 1H time frames. A break below the support at around 1.0635 could clearly indicate a short order on this pair. If a break happens, I will be waiting for a retest of the support turned resistance then finally go short. 1D RSI also shows lower lows and could go lower. Price is below the 4H 50 EMA and we are in a downtrend so I would prefer riding this trend.
Follow my trading view account for more ideas.
Ideas posted are not financial advise, but merely just to give insights and education for traders.
Past performances do not determine future gains.
As sniper traders, we tread carefully.