Small risk to reward ahead of the ECB meeting which I believe will dissapoint again, If it fails to break due to the meeting, it could continue lower.
Potential short term breakout and retracement from the October breakoutt to the downside but there is the possibility of another up move to 1.115. Howerver, I will take my chances with a small SL. Monthly view:
Looks like a nice opportunity to get or add long position.
If it fails to continue up, it could go back to 1.00 Longer Term View:
Possible retracement to 39 before going down Weekly View:
Possible small retracement before the return of the downtrend
Playing on a continuation of a small correction that started yesterday. The 1h charts shows the possibility of how it will play out.
The EUR was strong the last two weeks, but comparing the major EUR pairs with the EUR/CHF pair shows that the rise was not as strong as with the other pairs. I expect a small run higher (with all the CHF pairs being oversold) to the 618 or a double top at the 50 before continuing the move lower.
Similar to the USD/CHF pair, I don't think that the strengthening of the Swiss franc is over. A possible 61.8 retracement to the previous broken support before going lower again.
Money starting to move out of the US, but still too early for having an important impact on the dollar. Possible move higher beginning from now to july
-Major moves often happen in the second part of the year and they end around new year depending on the trend.
On the higher time frame, a 127 extension could also be in play.
-On the daily we are still in a downtrend following a possible Gartley pattern and in overbought territory. -On the 4h time frame we can see a retracement back to the 61.8 fib with a double top and also an RSI divergence with an overbought stochastic. -On the 1h time frame we see an extension from the bottom to the 161.8 fib