EUR/CHF analysis for January 02, 2018

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Recently, the EUR/CHF pair has been trading sideways at the price of 1.1712. According to the 4H time – frame, I found a fake breakout of horizontal resistance at the price of 1.1730 in the background, which is a sign that buying looks risky. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.1670.

Resistance levels:

R1: 1.1722

R2: 1.1731

R3: 1.1754

Support levels:

S1: 1.1698

S2: 1.1684

S3: 1.1660

Trading recommendations for today: watch for potential selling opportunities.

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