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EUR/CHF Potential Upward Movement

EUR/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.05361, 1.05968, 1.06000.

Key Support Levels: 1.04763, 1.04480, 1.04000.

Daily Time Frame:

The price on the higher time frame found support around the 1.04480 CHF mark where it posted a hammer bar which could lead to a reversal and a move to the upside. Most probably we are in the 1st leg up in a new trend to the upside and we expect a new impulsive wave toward the next key resistance level.

EUR/CHF Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price is traded inside a bearish channel formation where it posted a double bottom pattern at the bottom of this channel. This expected to move the price to the upside. But before this move a lower correction could be seen.

Signal Idea:

Buy Limit Order @ 1.04763

TP 1 @ 1.05350

TP 2 @ 1.05968

Stop Loss @ 1.04570

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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