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EUR/CHF Potential Downward Movement

EUR/CHF Long-Term Trend: Bearish

Key Resistance Levels: 1.03955, 1.04200, 1.04374.

Key Support Levels: 1.03424, 1.03269, 1.03002.

1-Hr Time Frame:

The price on the higher time frame failed to break the strong resistance level around the 1.03985 CHF mark which led to a fake breakout and a move to the downside. the market succeeded to break the bullish trendline to the downside after finding sellers near the new resistance (support previously).

EUR/CHF Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price found sellers near the 50% Fibonacci retracement level which led to a breakout of the bearish flag formation. A higher correction could be seen before a new bearish impulsive wave toward the target profits.

Sell Limit Order @ 1.03885

TP 1 @ 1.03424

TP 2 @ 1.03269

Stop Loss @ 1.04115

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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