Still struggling with the Feb 2013 broken support line but it keeps knocking on the door which suggests it will be blown sooner rather than later.
EUR/CHF daily chart 24 03 2014
Resistance has come in around the recent highs at 1.2210/15 so even a move above the big number is open to being snuffed out just as quick. If we do then the next line is the 55 dma at 1.2232 and the a clutch of tech res at 1.2250/58. After that it’s our old friend at 1.2280.
To the south support has shown itself around 1.2260 which hold the 100 and 55 h4 ma’s at 1.2166/62.
USD/CHF is also looking perky this morning. We’re knocking our head against the old 38.2 fib from the 2011 swing up and by and large remain within the Jan/Sep 2013 wedge.
USD/CHF daily chart 24 03 2014
0.8890 is the level that marked the early March highs but its the 0.8910/25 level that needs to be overcome for a decent break higher. With the 55 dam at 0.8931 also that might be easier said than done.
As you know I’m a buyer in EUR/CHF all the way down and I’m still a bit heavy at 1.2300. I prefer to keep my sub 1.22 trades on for the long term and so I’m looking for a decent move back into the high 1.22’s to let some of my 1.22’s off. I’m also still holding some USD/CHF longs from 0.8994 down to 0.8800 which with some of my EUR/USD longs have given me a really crappy EUR/CHF position.