EUR/CHF Forecast Today 14/02: Faces Resistance (Video)

(MENAFN- Daily Forex)

• The Euro has initially tried to rally a bit against the Swiss Franc, but it continues to find trouble near the 0.95 level.
• The 0.95 level, of course, is a major resistance barrier, as we have seen since September of last year.

The fact that we pulled back from there suggests that we are in struggling a little bit to get exit velocity. And I think that makes this a very intriguing pair because you have the European union, which has loose monetary policy and recessionary headwinds across the continent with maybe the exception of France and Germany coming out of it, which is a good sign. Then you have Switzerland who has had an emergency 50 basis point rate cut recently. And therefore, I think you need to be very cognizant of the fact that the Swiss franc may very well get hammered sooner or later. If we get any real traction in the euro, this might be the trade to take.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money We Are Still in a Range

As things stand currently though, we are still very much in a range, and you have to look at it through that prism. We just formed a double top, and we could drop to the 0.9350 level quite easily. After all, the candlestick for the trading session was rather bearish on Thursday, but Tuesday was very bullish. So read into that what you will. If we can break above the double top, then I think it opens up the move to 0.96 and then possibly 0.98. We are in the process of forming some type of bottoming pattern in an area that has served as a bottom, back in the beginning of 2024, so we'll have to see if that holds. Quite frankly, I think you have choppy but maybe slightly positive leaning sentiment and momentum in this pair at the moment.

EURUSD Chart by TradingView

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