EUR/CHF Technical Analysis August 25, 2011

The EUR/CHF pair fell a bit on Wednesday, but then bounced back to form a hammer. This looks fairly supportive for this pair, but the truth is that the 1.15 level has been like a brick wall in this market. The Swiss National Bank is sitting below and willing to support this pair as the fall has been very destructive to their economy. However, if the market moves below the bottom of the hammer, it then becomes a “hanging man”, which is a very bearish sign. A daily close above the 1.15 level is needed to even consider buying this pair.

 

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