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EURCHF: The last SHORT Trade before a MARKET REVERSAL!

Short
FX:EURCHF   Euro / Swiss Franc
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🟢Forex Pair:
EUR/CHF

Technical Analysis:
In the weekly chart, since the beginning of May 2020, the price has been following a strong uptrend, getting many rejections on the resistance area at about 1.08690 and bouncing on the dynamic weekly trendline, creating a clear ascending triangle pattern.
The price is actually following a downtrend with a nice chance to reach one more time the main trendline.

In the daily chart , once the price reached and got a rejection on the main resistance, a strong impulse moved the price down, breaking through the daily S/R level at about 1.07820 and continuing on the same trend without any hesitation.

In the h4 perspective the price is actually following an interesting descending channel , bouncing perfectly on the S/R level of its channel, that confirms the validity of that pattern.

🔴Conclusion: ✔️
I believe that the EURCHF is actually in an interesting situation and I'm confident to see the price falling down until the level at about 1.07326 that is the weekly trendline, be aware on that level because there is an high probability of market reversal!
I'll be waiting for a retest of the level 1.07800 before planning any short position on this trade.

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Please note the views are not investment advice and should be used only for educational purposes

Trade Safe and Responsibly,
Gianni

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Comments

Always on point mate. Clean and clear
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, hey Rich and sorry for my late reply! it was a busy day! thanks so much for your feedback! :)
Reply
nice looking bearish channel. Thanks for sharing
+1 Reply
@abel11 thanks so much for your feedback Abel ! 😁
Reply
nice detailed analysis
+1 Reply
FXtrades-gp Babenski
@Babenski, thanks so much! have you got a similar idea? :)
Reply
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