EUR/CHF - Weekly Candle Chart 9th March 2009
Following a period of consolidation the euro chf currency pair now looks set to fall further following last weeks failed attempt to penetrate the 9 week moving average, with the high of the week just touching the average before falling back. As you can see, all the moving averages are pointing lower, and with the support in the 1.4800 region now having been cleared we should expect to see prices fall this week, and my target for the short term is around 250 pips, to the lows of the two candles in November 2008. With a strong level of resistance now above us, we should be confident that the trade has a good chance of success. I would suggest a stop loss position somwhere around the 1.4970 area.
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