Take Profit on Long EUR/CHF Trade
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A week ago, we wrote that EUR/CHF looked to have made a decisive break to the upside and was now well placed to return to the highs between 1.11 and 1.12 reached in the first half of last year.
As the chart below shows, the 1.11 level has now been hit and it might be sensible to take profits.
Chart: EUR/CHF Daily Timeframe (April 2017 to July 13, 2017)
The cross has been in an uptrend for the best part of a month but has now dipped just below the support line connecting the higher lows in the channel. It’s not a decisive break yet and the price could yet rise further but, for now, it might be wise to book the profit made.
--- Written by Martin Essex, Analyst and Editor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.