FXtrades-gp

EURCHF: The price STARTED a new ASCENDING CHANNEL

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

Technical Analysis:
Since the end of December 2020, the price has been following a strong descending channel , breaking it on the 1st of February 2021.
The price re-tested few times the S/R zone at about 1.08000 before moving up, creating a higher high, then it quickly collapsed down until the same previous level.
Since the 28th of January 2021, I can see the price creating a new ascending channel and it is currently moving on its dynamic support line.

🔴Conclusion:
That could be the beginning of a new trend if the price will properly pullback on the current level.
Considering that the price is also oversold in this specific level, I'm confident to see an interesting new bullish impulse until the next resistance zone at about 1.08660.
I'll be waiting for the next h4 candlestick before planning my long trade on this position.

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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

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Comments

looking for an upside move from the support
+3 Reply
FXtrades-gp Fisher_Fx
@Fisher_Fx, yep! agree
Reply
mohamoud800 Fisher_Fx
it's was nice set-up
+1 Reply
FXtrades-gp mohamoud800
@mohamoud800, thanks man :)
Reply
I would say, if it breaks above 1.08071, then its a good confirmation for long trade!
+2 Reply
FXtrades-gp ProSignalsFx
@ProSignalsFx, yup! that's true! I have a pending entry point at 1.08070 eventually the price will close or break that level! I'm happy I got your confirmation ! :D
+1 Reply
Always following your analysis
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, many thanks! :)
Reply
Huge inspiration, man! Keep up the work!
+1 Reply
FXtrades-gp profitalztrading
@profitalztrading, thanks a lot!
Reply
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