The EURCHF is in a very important place. The currency pair has been in a downward trend since April this year. After reaching the psychological level of 1.20 (this was the EURCHF exchange blockade abolished by the SNB at the beginning of 2015), the price started to fall dynamically. On the way, there were two larger upward adjustments. The other one is still in progress.
To use the analysis and invest on EURAUD, check the offer of the HotForex broker
From mid-July , it can be seen on the H4 chart that the price was very well in line with the downward trend. At the beginning of August it moved away from it after the sharp depreciation of the euro. For several sessions, however, there is a strong upward correction, which at the beginning of the new week has reached back the trend line.
Just above it is also 1.1450, which in the past has acted as support for the price many times, and now has the opportunity to prove itself as a resistance. If there is a downward rebound from around 1.1450 and the trend line, it will be possible to open a short position with the target at 1.1270, where the last upward rebound took place.
