Daily Price Action

EURCHF Approaches Key Resistance at 1.0970


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The EURCHF is approaching a key resistance area at 1.0970.

I wrote about this level in Sunday’s forecast.

So far, the idea remains the same, which is to watch for a rejection from 1.0970 over the coming sessions.

Notice too how EURCHF bounced from the 1.0870 area on Monday.

That 1.0870 level is the support I pointed out in Sunday’s forecast.

But I’m not in a hurry to short EURCHF. Nor will I sell the pair on the first retest of resistance.

As I stated on Sunday, I want to see the pair consolidate below 1.0970 just like it did at 1.1160 and 1.1060 in July.

In other words, I want to see selling pressure at 1.0970 before I commit.

And the longer this short-term downtrend lasts, the more hesitant I will be about shorting EURCHF.

No trend lasts forever, and this stair-step price action may not last much longer.

At some point, sellers are going to get trapped below one of these levels which will likely trigger a squeeze similar to the one we just saw from EURUSD.

For now, though, I’ll be focusing on how EURCHF responds to 1.0970 resistance.

A rejection from it would likely take the pair back to 1.0870 support and perhaps 1.0790.

Alternatively, a daily close above 1.0970 would be viewed as bullish and would re-expose the 1.1060 region.

I’ll remain somewhat neutral until I see what happens at 1.0970.

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EURCHF support and resistance levels

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Ogechukwu David Nwosisi says

May Your own Personal GOD bless you for humanity sake

Nosakhare M I says

Thanks for all your analysis, I hope to registered with you in the near future.

    Justin Bennett says

    You’re welcome. We look forward to having you as a member!

shoukat says


    Justin Bennett says

    Sorry to hear you’re having trouble understanding. Let me know if you have a specific question.

Oboh David says

I want to ask a question please… If the buy test the resistance twice 1.0970 is that a sign to go long buy ..

    Justin Bennett says

    Not for me, it isn’t. Look at what happened at 1.1160 and 1.1060. EURCHF tested those areas several times before selling off again.

Md.Monirul Islam says

I’m so pleased Mr.Justin……………Thanks

    Justin Bennett says

    You’re welcome.

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