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.
I don’t discuss the EURCHF often.
It tends to be choppier than other pairs, especially the majors.
However, just like several other currency pairs including GBPUSD and AUDCAD, the EURCHF is breaking out of a descending channel.
The September 9 session confirmed the break.
But the retest of former channel resistance as new support didn’t occur until the 12th.
We even got a nice bullish pin bar out of that retest.
EURCHF is a perfect example of why waiting for a retest is sometimes essential.
Retests like this don’t always materialize, but when they do, they can offer incredibly favorable opportunities.
Plus anyone who bought on the initial breakout was likely stopped out during the 100-pip plunge on September 12.
Now let’s talk about where EURCHF might go from here.
As you can see from the chart below, the 1.0970 level has served as resistance all week.
That’s no surprise given that 1.0970 acted as support for the pair in late July.
Buyers are going to need to close EURCHF above 1.0970 if they intend to push prices higher next week.
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.
Notice how well-defined and evenly spaced those three levels are from one another.
There’s a good reason for that.
All three levels (1.0970, 1.1060, and 1.1150) line up almost perfectly with the Fibonacci retracements of the year-to-date range.
There’s no question that each of those areas will attract sellers on the way up.
Just remember that 1.0970 will continue to serve as resistance until buyers close the pair above it on a daily closing basis.
Do that, and 1.1060 and maybe even 1.1150 are within reach.
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MENTOR, i couldn’t have asked for a better forex mentor most times before you post all these pairs i already drew them and when you post yours they match perfectly. you are doing an incredible job i must confess. God bless you, the only thing i’m still struggling with is holding these trade. i see good setups but i jump out quickly even before 100pips only to later watch the trade get to my intended destination THANK YOU…ONYEZE FROM NIGERIA.
Wow, thanks for the kind words. Glad to hear posts like this are helping.
Excellent set up and analysis Mr Bennett.
Cheers.
I just want to know which time frame are you using
It’s the daily time frame.
Now ..
I can say I am agood student of .
I put all those factors before ..
Thanks Boss ..
Good bless you..
You’re welcome.
Good morning Justin nice art work you showing, I am greatfull for your art it give more insights in the market most specially PA.
I was wondering if it could be possible for you to share the analysis of the DXY PA if possible, thank you.
Glad you enjoyed it.
I don’t discuss the DXY on the free website, but it’s often the inverse of the EURUSD if that helps at all.
After all the lectures simply say buy or say sell that when I know that you have giving a clear direction and signals if not all that you have just said is hanged thanks
You’re welcome.
Thanks Justin for reinforcing my takes on this pair, i have been watching out for the retest through 20MA, USDCHF is also propping for a breakout up
My pleasure.
I appreciate your good work
I appreciate your support. 🙂
Wao. God will continuously blessings ur talents
Cheers. Thanks for commenting.
Hi..I’m happy to learn about dailypriceaction.com….i love the analytics. I’m a modest price action trader myself and I have been watching and trading the eurchf…and right now I believe it has formed the low of the year, it might retest it again beginning of October….but I foresee the eurchf rallying for the rest of the last quarter.
Thanks for sharing.
I want class room course only please.
I don’t offer a physical classroom. You can join our membership area instead: https://swingtrading.dailypriceaction.com/lifetime-membership
Thank you sir justin.
My pleasure.
I just join ur analysis last week u posted GBPCAD, and GBPUSD. I trade it for the first time and I made cool money. God bless… My concerns on dc week is EURCHF. U said if the pair close above 1.0970 we can buy but if the pair close below 1.0970 can we sell it tomorrow. Because in my chart now precisely I’m seeing 1.0917 now. That’s my question
Joseph…would you kindly specify your risk to reward ratio of those trades and how you managed to capitalise on the price action during your trade management. I.e when did you move your stop loss to break even?..if you did….did you add on to those winners and did you cut any loosing trades?