Tonight I am eying the break of 1.2725 in the EUR/CHF. This level holds key resistance and is the only real barrier until the 1.29's. I have bought EUR/CHF @ 1.2695 with a target TP of 1.2895 and SL 1.2635.
The reasons for this trade are as follows.
Daily chart is showing good upward momentum on the RSI and there is a triple bottom formation around 1.2430. A break of 1.27.25 which has the 23.6 fib level from the drop from the 138 level, and important trend line resistance looks imminent. Hourly chart is also looking progressive with 1.2670-1.2680 holding up fairly well and RSI bottoming out. We also sit about 80-100 pips above the 100 & 200 EMA's.
The 15 & 5 minute charts are mildly bearish but holding up well above suport around 1.2680.
+115 pips
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