“INDICATOR OF THE DAY” - PSYCHOLOGICAL LEVELS
Eur/Chf: More often than not, simply using a psychological level as an indicator can be the most effective form of technical analysis. Even non-technicians are well aware of this simplest form of technical analysis and use these types of levels in their day to day trading. The key level to watch over the coming session in the FX market is undoubtedly the 1.5000 psychological barrier in Eur/Chf. This level has defined the lower end of a very tight multi-week range and could once again do so today with intraday studies oversold and poised for a bounce. Fundamentally, this has also become a very important level for the SNB, who have been actively intervening in an effort to prop the cross on dips to 1.5000. Until we see a close below this critical barrier, we continue to recommend buying dips to 1.5000.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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