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EUR/CHF Potential Upside Movement

Key Resistance Levels: 1.0864, 1.0914, 1.0957

Key Support Levels: 1.0799, 1.0745, 1.0689

EUR/CHF Price Long-Term: Bullish

Daily Chart:

The pair was in a downtrend with the beginning of January 2021, before reaching a strong daily support @ 1.0745 level. The price posted a double bottom around this level and started to move upward.

EUR/CHF Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hour time frame, the price is respecting the Elliott wave theory, and currently, the wave 5 is being formed. The price managed to break the resistance trendline (white line), and now the price is bouncing around the 1.0833 level where a slight correction to the downside is expected and then most probably a move upward to the 1.0864 mark.

Signal Idea:

Buy Limit @ 1.0833

TP 1 1.0864

TP 2 1.0890

Stop Loss 1.0822

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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