If you saw my previous analysis of this pair, I went short on this from the recent rejection of weekly resistance (purple). Price has now come to support (purple) and has tested this 4hr area (yellow). Waiting on price to drive lower towards weekly support so I can go long but the setup at the moment is bearish.
short term bias of trade is bearish but long term...
On the chf/eur daily, I see a LOT of bearish movement due to rising wedge occurring at resistance zone, strong resistance zone, descending trendline and broken ascending trendline and a triple top.
These are indications that market will drop lower but major news is coming out in couple days so I will look thoroughly at this chart for when that...
On the weekly chart, I see price heading towards resistance zone and it's retested it three times creating this triple top. Diving into the 4hr/1hr chart, I also see price creating a rising wedge which is confirmation with the triple top that was created.
Analysis is telling us we have hit our .618 retrace and have created a great V formation. The V formation is telling us that the buyers are coming back strong! So will we be seeing our second leg? We will have to wait and see! TP at recent high then move stop loss for 100% Profits!
Lets see how this one unfolds!
Please support this analysis with...
Looking at the day chart of CHFEUR we can see, that we are currently in an uptrend (yellow line) which has recently startet its correction (yellow dotted line).
Looking at the 1H chart, we can see that the correction behaves as a downtrend (pink line).
We want to SHORT CHFEUR at around 0.8776 (red dashed line) with a SL at around 0.8798 (green...
After an uptrend, CHFEUR shows some weakness and struggles to produce a new high.
Looking at the current situation, we can try to short CHFEUR at around 0.8787 which is the red dased line.
If the chart crosses this level, we will se a broken trend by definition and can expect some downwars movement.
Trading the movement with a TP...
A day or so ago the candles formed a bullish bat. The RSI looks good and the support trend line is also aditional support. I placed the SL at the next resistance/support. Im still thinking of taking it down just benieth it to let some room for the price to bounce back of it incase it would drop as far. TP ar as always at 0.382 and 0.618.
Let me know what u think :)
So CHF is in a range for the past 3 years, but current fear in the world has boosted its valuation. A historical look show that every peak above the channel top with RSI above 70 on the daily chart has been in anticipation of a turn down. We're gonna bet on history repeating itself.
- Peak over strong channel top
- RSI and Stoch overbought (which has been a good...
Start value: 0.8629
Why: It just got repeled at 0.8636. It tried to stay on top of it for a few hours but it lost it's steam and went under.
Stop loss: 0.8643
Why: Intersection with the channel it is in now, possibility to break out of it.
Exit 1: 0.86
Why: It intersects another possible resistence level
Exit 2: 0.8586
Why: intersection with an older support line...
EURO has hit its minimum target for the ending diagonal on the daily chart. Next week can start to watch for potential shorts in EURO in general. Strong pairs like EURAUD, EURCAD and EURNZD would provide indicator for weakness in EURO in general. EURGBP at 8940-9050 should either breakout or breakdown from there. EURUSD is a tough trade honestly and any EURJPY...