Hello Traders,
Here is the Top-Down Analysis of EURCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price is at monthly support level with last month closing in a Doji.
W > Price is in consolidation at this level since July 2020.
D > Consolidation of over 100 pips is ideal for intraday trading with two support trend lines.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H > For past 4 weeks price has not been able to reach resistance level and we can see LH with support respected. Enter only for intraday at this moment.
Pair Correlation > EURCHF has positive correlation with AUDCHF and negative correlation with USDCAD on weekly chart.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price is at monthly support level with last month closing in a Doji.
W > Price is in consolidation at this level since July 2020.
D > Consolidation of over 100 pips is ideal for intraday trading with two support trend lines.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H > For past 4 weeks price has not been able to reach resistance level and we can see LH with support respected. Enter only for intraday at this moment.
Pair Correlation > EURCHF has positive correlation with AUDCHF and negative correlation with USDCAD on weekly chart.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX