Our free forex signals service trade today is a buy order on the EUR/CHF pair.
The EUR/CHF pair registered a major downside movement but now it has shown some oversold signs. This does not necessarily mean that the price will turn to the upside, but personally, I will look for potential buying opportunities. Today, the Euro-zone and the Switzerland data came in mixed.
Unfortunately, the Euro-zone Final Manufacturing PMI dropped from 58.6 to 58.4 even if the specialists expected the indicator to remain steady at 58.6 points. In addition, the German Final Manufacturing PMI dropped unexpectedly from 57.6 to 57.4 points.
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Switzerland CPI 0.0% Growth
It remains to see what will really happen as the Switzerland Consumer Price Index registered a 0.0% growth in November versus 0.1% drop expected, while the Manufacturing PMI was reported lower at 62.5 versus 64.3 expected.
Technically, the EUR/CHF dropped within a down channel. It continues to stay near the downside line. As you can see on the h4 chart, the pair registered only false breakdowns below the S1 (1.0406) signalling strong buyers in the short term. The price action developed a triangle pattern, an upside valid breakout from this formation could open the door for further growth. Also, a new higher high could bring fresh long opportunities.
Free forex signals – BUY EUR/CHF at 1.0449
Free forex signals entry price and takes profit
Instrument: EUR/CHF
Order Type: BUY STOP
Entry price: 1.0449
Stop Loss: 1.0387
TP1: 1.0544
My Risk: 1%
Risk / Reward Ratio: 1: 1.5
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