EUR/USD, EUR/CHF — February 23rd 2012
Watch the latest analysis of the EUR/USD, EUR/CHF Forex pairs for the February 23rd in this video. EUR/USD — hardly moved during the Wednesday session as the 1.3250 level continues to be resistive and support at 1.30 level. The area is also the 38.2% retrace of the fall from last year, and the 100 EMA is just above. With all of this in mind, we are looking for weakness on shorter timeframe to sell as the reaction to Greece settling the deal hasn’t been that impressive. There is a possiblity that we could be wrong, all the way upto 1.35 level, there are various clusters which could cause bulls to struggle to reach upto 1.35 level. However we are not calling for a meltdown either. 1.30 level is supportive and a close below the 1.29 level to be convinced to aggressively short this pair. EUR/CHF — continues to fall and test the patience of the Swiss National Bank. Because of this, we are not willing to sell at these low levels. The Swiss National Bank has a floor at 1.20 level. We are simply far too close to the ”floor” in this pair. On the other hand, we like buying short—term supportive candles.
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