EUR/CHF really hasnt taken a backward step since breaking above the previous Chf1.2212 resistance level earlier today. Overall focus will remain higher until a close back below today’s low so far (Chf1.2190) is seen. The pair is currently pausing ahead of te 50% Fibonacci retracement of the Chf1.2390-1.2133 move and also ahead of the Mar 19 high. One thing that i do note that is interesting is that it is well above the rising 21 day upper Bollinger band (Chf1.2228) and closes above daily upper Bollinger bands are rare.
This looks like an opportunity for an intraday short at current levels with a tight stop above Chf1.2275 while looking for a dip back toChf1.2200. Do not overstay an intraday short trade though as the focus remains higher, i just think its gone a little too far today at present.
