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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
The EURCHF appears to be setting up for us.
On Friday, I wrote that the pair would produce an opportunity this week.
I didn’t know for sure it would, but given the way buyers were pressuring the 1.0970 level, a break higher seemed likely.
However, we were waiting for a daily close above 1.0970 to confirm the idea.
Monday’s session has given us just that.
Now that we have a daily close (using New York close charts) above 1.0970, it’s time to talk about where EURCHF may go from here.
Or should I say, recap?
Here’s what I wrote on Friday:
Buyers are going to need to close EURCHF above 1.0970 if they intend to push prices higher next week.
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If they do manage a daily close above 1.0970, we will likely see EURCHF push toward the next key resistance at 1.1060.
Beyond that, we have 1.1150.Quote from Friday’s EURCHF post
I went on to explain how many of these horizontal levels line up almost perfectly with Fibonacci retracements of the year-to-date range.
Members also received a video on Friday of me explaining exactly what I meant by that and how I would be approaching EURCHF this week.
The bottom line is that as long as buyers keep prices above 1.0970 on a daily closing basis, I favor a move higher to 1.1060.
A daily close above that would expose 1.1150.
On the other hand, a close back below 1.0970 would be indicative of a false break and re-expose the 1.0910 support area.