EUR/CHFChart 4H 5/24/2012 9:19AM EDT
The EUR/CHF has been in a dead quiet range just above the 1.20 SNB floor. The range was like 10-15 pips wide at max. The EUR/CHF was pretty much playing dead throughout April and into May. Then out of no where in the 5/24 US session, around 9:00AM EDT, the market pops up 50 pips. The 4H chart looks almost comical, like some kind of fat-finger glitch.
There are a couple of resistance levels to watch out for. There is a pivot in the 1.2060-1.2070 area. The next one is in the 1.2125-1.2144 area. As I am concluding this update, the EUR/CHF is pushing at the 1.2070 pivot. If you have been holding since the 1.20 floor, you might want to start looking at trade management methods to reduce exposure/lock in profit if you don’t understand what caused this move.
EUR/CHFChart 4H 5/24/2012 9:27AM EDT
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Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.