EUR/CHF Price Analysis: Bears target a 0.4% drop into the demand zone area
- EUR/CHF bears are engaging at 4-hour resistance with sights n a daily downside extension.
- The focus is on the demand territory, some 0.4% lower.
Further to the following prior analysis, EUR/CHF Price Analysis: Bears to take advantage of the discount, bears have indeed engaged with the price action as follows:
4-hour live market analysis
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As illustrated, the price has dropped below structure and engaged sellers on a restest of the newly formed resistance within a bearish environment.
In addition, the extra conviction is supported by the head and shoulders bearish pattern.
Prior daily chart analysis
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In the prior analysis, the bearish forecast was based on a weekly M-formation and an overextended daily bearish trend that has corrected to a 61.8% Fibonacci level.
The expectations would be for a continuation of the downside into demand, some 0.4% lower, as illustrated in the above chart.
Live market
-637468690871312348.png)
As illustrated, the daily chart is bearish with price capped by resistance and below dynamic trendline resistance also.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
