FxWirePro: Strong resistance for EUR/CHF at 1.0850, good to sell rallies

The euro has been under pressure since the ECB late last month signalled additional easing. EUR/CHF price action is contained within the cloud and series of resistance caps upside.

EUR/CHF is currently trading at 1.0817, with strong resistance seen at 1.0850/55 (Tenkan & 21 DMA). Intraday recovery attempts in EUR/CHF are limited, pair could fall back to trendline support at 1.0787. 

We recommend going short on rallies around 1.0830, placing stops at 1. 0870, TP: 1.0770

Resistance Levels:

R1: 1.0850 (Tenkan-Sen)

R2: 1.0855 (21 DMA)

R3: 1.0867 (Daily High Nov 4)

Support Levels:

S1: 1.0784 (30 DMA Lower Bollinger)

S2: 1.0782 (Daily Low Nov 4)

S3: 1.0761 (Daily Cloud Base)