Euro Swissie, Russian doll channels 😁

FX:EURCHF   Euro / Swiss Franc
As I can see, we are currently in a small channel (dotted line), in a bigger channel (bigger dots), in a much bigger channel (dashed line) and in a much much bigger channel (line) and it seems the price action is rushing to touch the lower line.
In the biggest channel (Weekly chart), just before the start of the uptrend, we can see that the down move has become sharper when it was getting closer to the lower line of the channel and it bounced back up sharply as soon as touched it.

Watching the past price action, I found the current area a very strategic place, because:
1. All the other three channels' lower lines are near.
2. We are hovering on 61.8% Fibonacci retracement of the mentioned impulse up (from the biggest channel lower line)
3. The price just broke the low of the previous correction (purple line)
4. We are expecting a long term UP move or at least a deep pullback in Euro (check the idea "Fiber, A big ABC corrective structure?" in the links below)

I'll update this idea as soon as seeing any evidence of the expected UP move, till then we are probably stuck inside the smallest doll 🎎

Happy Trading & stay green! ✌️


💬 Please let me know your view about the idea

🔗 Check out the "Related ideas..." in the links below too


📌 Kindly note that Forexian is not a signal provider. The published idea is ONLY our views and analysis of the market!
Forexian does not take any responsibility for your decisions and/or trades.
Feb 13
Comment: And the Weekly view to see the 5th channel:
(can't see on trading view, it's coming from 1979 and 1981)


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out