The EURCHF has been in a consistent downtrend since the beginning of March this year. The short-term dynamic resistance is shown by the trendline. Today’s bullish impulse can be considered a retracement, with the overall sentiment still favouring the Bears.
Bearish bias will remain as long as price stays below the 1.1255-60 key decision area. Price is currently now in the POC zone 1.1252-1.262 [D H4 // 6/8 // Trendline // Key Area]. Despite the high confluence, it is wise to look for a confirmation for entry. We’re looking for bearish candlestick configurations like hammer, shooting star, and engulfing patterns.
Targets are 1.1230 [4/8 // previous swing low] and 1.1196 [W L3 // 2/8 // Last week’s lows]
Should 1.1292 [ 8/8 // Key Area II] level break, it would be the start of a new uptrend targeting 1.1322
The analysis has been done with the
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Many green pips,
Davin Wu aka AmbitionFX