As we can see from the daily we have made the first steps for a trend change. We have recent higher highs and higher lows. We are in an upward channel.
From the 4h we can see that the sellers have came in with a struggle. The only real attempt from the sellers was on 7/26 and they were not able to break out of the lower part of the channel. It is also support (my green line). But the fact that this was their strongest attempt I feel that maybe they will give it one more try before they give up. I also trust EUR strength more than I do CHF strength.
If sellers can come in with a little pop I think this will give the buyers the orders they need to push the market at least back to the top of the channel and confirm the trend change. So I will be looking for a spike around the 1.5700 handle. If when price gets there the buyers show up with any type of strength I will look to become a buyer with them.
The only way I would think about selling is if the sellers can show up with a big skinny leg to the downside and take out the 1.5700 with conviction. But still I would be cautious as I think this could be a trap for the buyers. I will still monitor how the buyers come back to really make my decision.
From the 4h we can see that the sellers have came in with a struggle. The only real attempt from the sellers was on 7/26 and they were not able to break out of the lower part of the channel. It is also support (my green line). But the fact that this was their strongest attempt I feel that maybe they will give it one more try before they give up. I also trust EUR strength more than I do CHF strength.
If sellers can come in with a little pop I think this will give the buyers the orders they need to push the market at least back to the top of the channel and confirm the trend change. So I will be looking for a spike around the 1.5700 handle. If when price gets there the buyers show up with any type of strength I will look to become a buyer with them.
The only way I would think about selling is if the sellers can show up with a big skinny leg to the downside and take out the 1.5700 with conviction. But still I would be cautious as I think this could be a trap for the buyers. I will still monitor how the buyers come back to really make my decision.
All the analysis is based on techniques from:
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8