EURCHF | Perspective for the new weekSince my last publication on this pair (see link below for reference purposes), we have seen price move 70pips up before correction.
Price has been caught within a range above major Demand zone (Fr1.07800) since the beginning of the month giving the impression that Buyers are strong here! We all saw EUR/CHF surge higher on Tuesday & Wednesday - breaking out of its tight recent consolidation range @ Fr1.08400 which tells me one thing... Buy! But when?
Tendency: Uptrend (Bullish )
Structure: Bullish Rectangle | Supply & Demand
Observation: i. Breakout on the 24th of Nov. 2020 is a buy signal cast in stone as Sellers continue to find it difficult to push the price below Fr1.07700.
ii. For me, Fr1.08100 appears to be a temporary Demand level to continue the rally.
iii. This been said; patience is pertinent as a second Breakout off Fr1.08400 shall be an emphatic reason to hop in for the ride.
iv. For me, Fr0.90800 level shall be my yardstick (new Resistance level) for selling opportunities in the following week(s).
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:6
Potential Duration: 1 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
