US session trade setup - EURCHF sideways trading continues
The EUR/CHF currency pair continues to trade sideways, facing an immediate resistance around 1.0590, and closing of candles below this mark is mostly suggesting chances of selling bias in the pair. While the support is staying at 1.05710 and closing of further selling candles below 1.0570 can drive more selling until 1.0550.
The single currency Euro weakens versus Swiss Franc in the wake of weaker economic evetns. The official data showed that the eurozone's Economic Confidence Index slid to 94.5 in March (91.6 expected) from 103.4 in February.
While the Eurozone's area annual inflation is expected to be 0.7% in March 2020, down from 1.2% in February according to a flash estimate from Eurostat, the statistical office of the European Union.
On the other hand, the EUR/CHF gained bullish momentim on strong Germany's unemployment rate which remained steady in February. The jobless rate released at a 3.2% rate in February, showing no change from January.
Today, the EUR/CHF is finding a sold resistance at 1.060 and trend of the pair mostly depends upon this level. Closing of candles below this level can trigger selling until 1.0550 while bullish breakout of 1.0602 can lead the EUR/CHF prices towards next resistance level of 1.0650 today.
EUR/CHF - Trade Setup
Buy Above: 1.0602
Take Profit: 1.0650
Stop Loss: 1.0550
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