EURCHF: The price is very CLOSE to its WEEKLY DYNAMIC TRENDLINE
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🟢Forex Pair:
EUR/CHF
⚪Technical Analysis:
In the weekly time frame, since May 2020, the price has been following a clear uptrend creating an ascending triangle pattern.
During the last weekly session, the price reached its dynamic support trendline and its now moving up.
In the daily time frame, in November 2020, the price got a strong impulse once it reached its dynamic trendline, moving up until the resistance zone at about 1.08500.
It got many rejections around that zone, bouncing back on the support zone at about 1.07370.
It has currently moving up!
In the h4 time frame, at the beginning of January 2021, the price started a strong descending channel, bouncing on the main support level at about 1.7400. It's currently consolidating and the next price action will be essential to understand the next market movement.
🔴Conclusion:
If I take in consideration that in the weekly and daily time frame the price is moving with a clear uptrend, I'm really confident to see the price pushing up until the main S/R Zone.
Don't forget that it is very close to its weekly trendline and I'll be waiting for it to re-test that trendline before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/CHF
⚪Technical Analysis:
In the weekly time frame, since May 2020, the price has been following a clear uptrend creating an ascending triangle pattern.
During the last weekly session, the price reached its dynamic support trendline and its now moving up.
In the daily time frame, in November 2020, the price got a strong impulse once it reached its dynamic trendline, moving up until the resistance zone at about 1.08500.
It got many rejections around that zone, bouncing back on the support zone at about 1.07370.
It has currently moving up!
In the h4 time frame, at the beginning of January 2021, the price started a strong descending channel, bouncing on the main support level at about 1.7400. It's currently consolidating and the next price action will be essential to understand the next market movement.
🔴Conclusion:
If I take in consideration that in the weekly and daily time frame the price is moving with a clear uptrend, I'm really confident to see the price pushing up until the main S/R Zone.
Don't forget that it is very close to its weekly trendline and I'll be waiting for it to re-test that trendline before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
