On my previous post. I stated that EUR/CHF pair should continues its bear trend once price on 4h chart closed below the 74.6% Fibo of its major swing up at around 1.6330.
I have to make a correction there. Since the Fibonacci we are looking at is from a major swing, it is appropriate to check the price action at a bigger time frame.
Price did closed below that level on 4h chart, but on the daily chart... it didn't. The last candle/bar on the dailies ended with a pin bar. If on monday, the closing bar is higher than last friday's closing price. The pin bar will be confirmed.
However, I also placed a sell stop order 5 pips below friday's low. This is to safeguard if ever EUR/CHF continues to drop on Monday.
On friday, the fundamental standpoint supports the further carrys unwinding view. However, just yesterday I heard Brazil central bank start to intervene by purchasing massive quantities of Dollar-denominated assets in the open market. Canada and Japan are at risk, hope they follow suit.
Weekend EUR/CHF
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