EURCHF Sell signal at the top of Channel Down.

The EURCHF pair has been trading within a long-term Channel Down since the September 26 2022 Low. Today it hit the 1.5 Fibonacci extension level which on January 13 2023 formed the last Lower High at the top of the Channel Down.

As a result, this is the first long-term sell signal that has emerged since that date. We want to keep a safer, short-term perspective though and will only short towards the bottom of the current Channel Up (which is the Bullish Leg of the long-term Channel Down) and target 0.977500.

If then EURCHF closes a 1W candle below the Channel Up, we will re-sell and target Support 1 at 0.95700, similar to the March 13 2023 Low.

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