FxWirePro:EUR/CHF failed to break ressitance at 1.0468, bearish in the near term

 

• The EUR/CHF fell back from 1.0463 level and moving below 1.0436 (23.6% retracement level).

• The pair currently is trading at 1.0432, it is expected decline futher towards 1.0400.

• The market will  be volatile due to Eurogroup meeting scheduled later in the day. The Eurogroup will probably try to bring the two parties Greece and its creditors with the intention of breaking a deal. As a result Swiss Franc demand as save heaven has increased, and overall the Swiss Franc attained strength  against the Euro.

• Major support is seen at 1.0459 (38.3 % reteracement level), a break above at this level will expose the pair to 1.0495 (61.8% reteracement level).

Recommendation: Go short below 1.0459 with Targets 1.04210, 1.0400,1.0380 SL 1.0465.

Resistance Levels

R1: 1.0459(38.3 % reteracement level)

R2: 1.0477

R3: 1.04958 (61.8% reteracement level)  

Support Levels

S1:1.04376 (23.6 % retracement level)

S2: 1.0421 

S3: 1.0402