The EUR/CHF is facing strong resistance around 1.05730, which is mostly extended by a downward trendline on the 4-hour timeframe. The 50 periods EMA is keeping the EUR/CHF pair around 1.0578. The Euro as a signal currency is still staying bearish in the wake of an increased number of COVID 19 cases around the globe.
As per the coronavirus latest report, the cases rose by 3,677 in Germany when compared with Sunday’s 5,936 new infections, showing the 4th-straight drop in the daily rate. The death toll rose by 92.
On the other hand, the declines in the oil prices could be recovered during the day ahead mainly due to the risk recovery in the market, as the coronavirus cases are showing some sign of a slowdown in the US, Italy, and Spain slowing down over the weekend.
The EUR/CHF continues to trade below a resistance level of 1.05750. Closing of candles below this level has the potential to lead the EUR/CHF prices further down towards the next support level of 1.05330. On the higher side, the bullish breakout of 1.0570 can lead the pair towards 1.0590. The RSI and Stochastic remain neutral, as its values are tossing in the bullish and bearish zone.
Sell Limit Price: Sell at 1.05741
Take Profit 1.05241
Stop Loss 1.06241
Risk/Reward 1.00
Profit & Loss Per Standard Lot = -$511/ +$511
Profit & Loss Per Micro Lot = -$51.1/ +$51.1
