EURCHF: 2 Scenarios For This Week Explained 🇪🇺🇨🇭

8 août 2022

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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9 août 2022

Note

Check my new idea on S&P500: