EUR/CHF Surges on SNB Whisper—But Looming EU-US Trade Storm Could Crush Your Gains!
As the pair continues to trade within the confines of a descending triangle, immediate support can be seen at the base of the triangle near 0.9293, with a break below this level opening the door for the May low of 0.9280.
With EUR/CHF currently testing the 23.6% Fibonacci retracement level of the March-April decline at 0.9327, the falling trendline from the April rally remains intact, reinforcing a broader bearish bias.
EUR/CHF daily chart
On the upside, there is a confluence area where the descending trendline intersects the 20-day Simple Moving Average (SMA) at 0.9336 and the 50-day SMA at 0.9358.
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