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EUR/CHF Fibonacci Confluence

EUR/CHF Fibonacci Confluence

James Stanley, Senior Strategist

USD volatility has a lot of traders sitting on the Sidelines of the FX Market. I trade these situations a little differently; I look for cross-pairs that might have some tradable opportunities.

Currently – I’m on EUR/CHF waiting for my entry. I’ll account for the additional volatility in the environment by using entry orders, adjusting my money management, and I will try as hard as I can to be patient for my entry to open.

I had taken EUR/CHF down during most of the move that had taken place from early November through the end of December. Euro strength, combined with Swiss weakness on profit taking moved the pair up approximately 800 pips, and over the past two weeks its gotten back into that bearish swing.

From the attached chart, notice 2 fibs applied, one from the 2/14 high to the 2/24 low, the other from the 2/24 low to the high of today. After hitting the high for today – I may have gotten what I was looking for which was bearish price action indicating the upswing may be over. Rather than rush in at the market, I’m drawing my line in the sand at ~2820, with stop at slightly above 2900. Possible support at ~2770 will be handled by moving stop to breakeven and perhaps an additional lot. I’m looking to take this to new lows in the ~2400 neighborhood.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.