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.