The price has beautifully sketched 5 impulse waves on the weekly chart and possibly half of the 3 corrective waves. There is still time to trade inside the 3 corrective waves until the end of the year.
The pair has completed half of the way to the bottom of the uptrend channel after breaching the 1.4000 area and reversing since. There is therefore some room left for the bears to dip the price further. We shall keep an eye on it. :)
USA presidential election brought some volatility to the market from the start of this month. More is expected as the count of the ballots continues.
The price seems to have created an uptrend channel and could trade inside through November and December. It also reached for a second time the 0.618 area on our Fibo chart.
It appears the price is producing a horizontal channel on the USDCHF 4H chart. One could say that that is an expected accumulation evolving after an earlier bearish trend.
At the moment I look forward to shorting the pair with TP1 in the mid-area of the channel.
There is an H&S lookalike formation on the H1/H4 chart, together with a bearish channel that might develop further. It so gives traders an opportunity to switch sides from bulls to bears and sell the pair.
The TP1, TP2 and TP3 for our longs were hit yesterday and now there are clear signs for reversal. We are going short and aim for the bottom of the rectangle.
Entry: 1.0900 - 1.1020
Though we are still in the weekly downtrend channel, the price could move in euro's favor now that it tries to bounce off from a rather strong support area. The chart clearly outlines our resistance lines due to lessening volatility in the market and feels somewhat predictable. Trading will most likely be influenced by MA lines (50/100) and harmonic patterns on...
The pair has finally moved out of its support area but reached an earlier support area that was produced during the price ascent. It, therefore, might retest these s/r levels before it moves further downwards. My general view for the pair is bearish.