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EURCHF is approaching the 50.0% Fibonacci level

Friday, January 18, 2019 2:46 PM GMT

Earlier in the day, the monthly Swiss Producer and Import Prices declined to -0.6% from -0.3% previously. On the other hand, the EU Current Accounts s.a. in November fell to €20.3B from €27.0B in the previous month.

Reviewing the daily technical aspect, EURCHF finally broke the trendline (T1) to the upside and it is currently approaching the Daily (R1) which is in confluence with the 50.0% Fibonacci level.


Heading to H4 timeframe, RSI is entering into the overbought zone, while Stochastics is flirting with it.


Overall, the setup may indicate a potential reversal towards the support zone between Daily (S1) and the 38.2% Fibonacci level. If price reaches this zone, then the Bulls may take the control of the pair boosting the pair around 1.138 level.

On the other hand, a potential breakout below the trendline (T2) maybe push the price lower.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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