Price has been in a descending triangle on the Daily TF making lower highs, the market broke out of the support area of the triangle with the first impulse move and retraced back to the support turned resistance due to exhaustion as expected. Euro uncertainty worries continue has the Swiss Franc safe-haven status still holding. The retest gave a nice par on the...
Though believing in the long term in a Buy trade at the right price, the market looks to be heading in a downtrend in the short term, for a sell trade within the build up of orders at around the the 1.1700 area.
Monthly: Hard to take too much away from the longer timeframe as most brokers have different low trades from the January 2015 spike. What we can note is the fact we will post a bearish Outside Month.
Weekly: Bearish divergence can be seen on the weekly chart. Chart makes a higher high while the oscillator (RSI) makes a lower high, often seen before the change...
CHART TIMEFRAME: H4
TREND ON THE CHART TIMEFRAME: BEARISH
FACTS AND PATTERNS:
EURCHF is approaching support zone. 1.16000 – 1.15800 is the strong support area.
A bullish shark pattern completion at 1.15820.
POSSIBLE “PREDICTED” PRICE ACTION: Move back from support and a retracement towards 1.16400 and 1.16700 Fibonacci Levels.
EURCHF TRADE IDEA:...
if the pair stays below the trend line support or if it retraces back up and stays below the trend line resistance, a short position can be entered
or if price breaks below support zone and then retouches support/resistance zone a short position can be entered
target is the next lower support zone
With the price of EUR/CHF just 30+ pips away from critical support, it remains to be seen if EUR/CHF can break out of its long established channel.
Political turmoil and a flight to the CHF could bring pressure on this pair in the next few weeks and months but its more likely we'll continue drifting.
We are SHORT this because of current political uncertainty and...
Carleton Capital like the look of a SHORT from the area of resistance marked.
This area coincides with WR1 pivot and we would expect SELLERS in this area.
Our trade recommendation is to SHORT this pair if we get to 1.0864.
* Warning - clearly the US Presidential Election will impact across all markets so we have a tight STOP on this trade at 1.0876 which is...