EUR/CHF Technical Analysis
The counter made a steep after forming a head and shoulder pattern.
However, it found buyers at lower levels and pulled back only to be capped by neckline.
Further, the pullback has formed in a bearish bat structure.
Hence, we expect the pair to be bearish in the near-term.
Eurchfsell
EURO / SWISS FRANC (EURCHF) SHORTWeekly Levels just Tested Previous structure and saw a massive rejection down.On the H4 time frame we saw previous higher Low structure around 1.0861 - 1.0855 broken by Price.On 30 mins Time frame wait for a retest around previous broken level forming a Lower high to ride price down. FX:EURCHF
WEEKLY DIRECTION
H4 LEVELS
EUR/CHF staring into the abyssOver the last 5 weeks EUR/CHF has hit 1.0507, 1.0508 and 1.0503 (current price as of weekend 16/5/2020).
It seems likely that this support line will eventually crumble and once it does there's little support for 200+ pips.
I poised with SELL STOP order placed at 1.0499 ready for what seems an inevitable break.
We may see another bounce before that but I expect it to be short-lived.
Get these SELL STOPS placed when the markets open.
EURCHF approaching support, potential for a bounce!
EURCHF is expected to drop to 1st support at 1.06262 where it could potentially react off and up to 1st resistance at 1.06607.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
EURCHF Market Outlook | Daily Forex Market BreakdownEURCHF
Looking very good I believe we could be seeing a very since swing trade developing. We need to be very patient. Pushing a bit lower but looking like we might be slowing down soon. We need to wait and see if we can keep pushing lower or if the bulls are going to take control.