EURCHF traded below the floor price set by SNB (Swiss National Bank), we have seen it trading at 1.1987 today. However SNB stepped in and soon EURCHF shot towards 1.2025 level, this fall in EURCHF will be short lived as SNB has promised that it is going to buy unlimited amount of foreign exchange to prevent CHF to strengthen further. Just after breaking below 1.20 level, SNB chief said that Swiss national bank is committed to defend its EURCHF 1.20 floor and ready to buy foreign reserves unlimited quantities for it. We would recommend traders to take some long positions in EURCHF near 1.2010 level for positional targets as 1.26 and then 1.29 level, however, traders need to book loss if EURCHF trades below 1.1950 mark. Markets will remain closed on occasion of Good Friday, so traders can enjoy the weekend and take positions next week.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
what a bullshit 1.1987 ? really? where is your broker
Mino, I trade with FXCM just check your self that EURCHF made low of 1.19852 today. This forex broker is NDD (no dealing desk type) and hence I trust the price feed from them.:)