The analysis for this pair shows that this will be a long term down trend due to the triple top price action pattern that has occurred. The triple top indicated trend reversal. the trend should relatively follow the descending trend line and at the moment this pair is having a retracement. A good place to enter a short would be when the retracement is done and...
EURCHF has come to a key level and is possibly reversing due to a triple top (4H,1H) and rising wedge pattern(1D). The red line indicates area of price reversal and the green lines are levels of supports which can be taken as take profit regions.
Now in this setup there is two things to consider. Right now this pair is Long term SHORT trend on the daily and the weekly. However, this trend might be LONG in the short term. If the pair breaks the 4h trend line (blue) which is the one clearly depicted and closes above the first short term top indicated by the closest green line, then it can LONG to the next...
possible short term eurusd LONG due to weakened USD. However, this is a long term down trend so the short will occur after retracement is finished. A bad news for the euro could end retracement and cause the trend to take its natural path downwards.
It seems a lot of us are looking for AUDUSD to drop to the .84's.. well we do too.
But I do not see this happening this year. Historically AUD has been the chosen currency that traders buy at the end of the year. I would like to see this pair rise to .88750 - .90823. From there we would take a position short with little to no risk of this going long.
