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Market View

EURCHF is respecting a major trendline

Monday, December 10, 2018 1:30 PM GMT

Early in the morning, the Swiss Unemployment Rate s.a. was verified to 2.4% according to the market expectations (Previous: 2.5%). Moreover, the Germany’s Current Account n.s.a. was reduced to €15.9B (Previous: €21.1B). Today, there is no other major news related to the pair.

Looking at the daily timeframe, EURCHF is respecting the trendline (T1), even if it has been moving downwards since the beginning of the month. Going to more technicals, EURCHF has already formed an inverted hammer candlestick, while Stochastics is oversold.


Heading to H4 timeframe, the pair is currently retracing at 38.2% Fibonacci resistance level towards trendline (T1). Additionally, If Stochastics breaks the previous high to the upside, then it may act supportively to a potential reversal.


Overall, the setup indicates a potential reversal towards the trendline (T2). On the other side, if price violates the trendline (T1) to the downside, then the scenario is busted.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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