EURCHF: 2 Scenarios For This Week Explained 🇪🇺🇨🇭
Updated
Update for EURCHF pair.
The market is nicely retracing from a key daily structure resistance.
Analyzing a price action on multiple time frames, I see 2 potential scenarios:
- Bullish
If the price breaks 0.979 - 0.982 daily supply area and closes above that
I will expect a bullish continuation to 0.987 / 0.9915 levels. - Bearish
The market is trading in a global bearish trend and may drop from the underlined blue resistance.
To catch a trend-following trade from that, watch a triple top formation on 4H time frame.
0.9755 - 0.9765 is its horizontal neckline. If the price breaks and closes below that on 4H,
I will expect a bearish move to 0.9727 / 0.9711 levels.
Breakout will clarify the future direction of the pair, so be patient and wait.
What scenario do you expect?
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