In the previous analysis, the expected minimum bearish target was 1.37170, market moves down and hit our first target, made a low around 1.3670 and bounce back.
There is still enough momentum in EURCHF for more selling but after the correction. I am sharing weekly and daily time frame analysis below to discuss next expected movement.
Weekly Time Frame EURCHF Technical Analysis
EURCHF hit our first bearish target and bounce back in previous week closing day. The weekly candle closing is spinning top and indicating the correction may start. Current market price is 1.1510 and expecting minimum correction target at 1.16110 and 1.16874 in case of extension.
If you don’t know what is spinning top candle stick , please visit this Forum
The longer-term trend is still bearish and the market could make a new dip after the correction which may lead price towards 1.13124.
Please go through the weekly chart, I have shared the most expected movement diagram on it.
Weekly EURCHF Technical Chart
Daily Time Frame EURCHF Technical Analysis
EURCHF is still in a bearish mode, but we are expecting a small correction towards 1.16110.
The market recently breaks its support level and falling as per our previous predictions, Whenever the price breaks its support level, normally it moves for correction to retest its broken support area which could be the good opportunity for the sellers .
Please have a look at EURCHF daily time frame chart below, I have drawn the possible next movement diagram with expected target levels.
EURCHF Daily Time Frame Price Predictions Chart
EUR CHF SUPPORT & RESISTANCE LEVELS
Support 1: 1.13650
Support 2: 1.1.400
Support 3: 1.11600
Resistance 1 : 1.16110
Visit Kiplinger to get the update support & resistance levels
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.