EUR/CHF bears waiting to pound on a break of support. A daily extension following a health correct could be on the cards. EUR/CHF is being rejected at key resistance which opens prospects for a downside continuation. The following is a top-down analysis that arrives at an optimum entry on the 4-hour chart to target a daily bearish extension. Weekly M-formation The price has been rejected at the M-formation’s resistance and neckline. This offers prospects for a downside extension. Daily chart The price has reached the resistance in a 61.8% Fibonacci retracement level and would not be expected to melt to the downside given the price action. 4-hour chart The price still has some work to do below current support. A break of the 20-moving average would likely engage sellers again and a restest of the old support would be expected to act as resistance, offering an optimal entry point. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Silver Price Analysis: XAG/USD bulls attack 21-day SMA to regain $26.00 FX Street 2 years EUR/CHF bears waiting to pound on a break of support. A daily extension following a health correct could be on the cards. EUR/CHF is being rejected at key resistance which opens prospects for a downside continuation. The following is a top-down analysis that arrives at an optimum entry on the 4-hour chart to target a daily bearish extension. Weekly M-formation The price has been rejected at the M-formation's resistance and neckline. This offers prospects for a downside extension. Daily chart The price has reached the resistance in a 61.8% Fibonacci retracement level and would not be expected to melt to the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
