Our free forex signals service trade today is a buy order on the EUR/CHF pair.
The EUR/CHF pair rallied in the last hours and now is fighting hard to take out the resistance represented by the 1.0391 former high.
It has raised as much as 1.0395 today where it has found resistance. In the short term, the price is trapped within a range pattern, so we’ll have to wait for a breakout before taking action.
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The pair has turned to the upside even if some of the Euro-zone data came in worse than expected yesterday. The Final Services PMI, French Services PMI, Italian Services PMI, and the Spanish Services PMI disappointed. The EUR/CHF started to grow again also because the Switzerland CPI reported a 0.1% in December.
German Factory Orders 3.7% Growth
Fundamentally, the Euro received a helping hand from the German Factory Orders earlier today. The economic indicator registered a 3.7% growth versus 2.1% expected and after a 5.8% drop in the previous reporting period. Also, the Euro-zone PPI rose by 1.8% exceeding the 1.1% growth expected.
Tomorrow, Switzerland Unemployment Rate, Retail Sales, and the Euro-zone Retail Sales, CPI Flash Estimate, and the Core CPI Flash Estimate could bring more volatility and strong movements.
From the technical point of view, the EUR/CHF pair jumped above a major downtrend line, it has retested it and now it challenges the 1.0391 static resistance. Making a valid breakout above this obstacle may confirm further growth.
Free forex signals – BUY EUR/CHF at 1.0400
Free forex signals entry price and takes profit
Instrument: EUR/CHF
Order Type: BUY STOP
Entry price: 1.0400
Stop Loss: 1.0327
TP1: 1.0510
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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