Former analysis is still valid, just a bit adjusted (timing)
UPDATE EUR/CHF: RETEST OF THE BREAKOUT LEVEL
The Pair could break through ist Pivot resistance Level. I exspected that the EMA & SMA 200 as strong resists will stopp the breakout. Furthermore i exspected a retest of the breakout Level after testing the ema/sma.
Exactly that happened!
The former resistance @ 1,08 turned into a Support Level.
Today we see the dip to the breakout Level. The consolidation of the last shortterm move 1,04-1,09 can reach till it s Minimum correction Level (38,2 fibo ) @ 1,07405. The Pair should not fall much deeper than that Level to underline my breakout Szenario.
I illustrate a possible Long Position. I have placed the SL a bit under the 0,5 fibo. (Pease adjust the sl to your personal maney Management)
The exspected up-move could slow down if the pair will reach the 0,618 fibo retracement (1,2-0,965)
A sustainable break of the breakout Level will destroy the up-momentum and the bullish chart.
A worst case dip to the longterm uptrendchannels bottom edge (1,053) should than be exspected
blue: preferred Szenario
Grey: alternative exspectation
UPDATE EUR/CHF: RETEST OF THE BREAKOUT LEVEL
Exactly that happened!
The former resistance @ 1,08 turned into a Support Level.
Today we see the dip to the breakout Level. The consolidation of the last shortterm move 1,04-1,09 can reach till it s Minimum correction Level (38,2 fibo ) @ 1,07405. The Pair should not fall much deeper than that Level to underline my breakout Szenario.
I illustrate a possible Long Position. I have placed the SL a bit under the 0,5 fibo. (Pease adjust the sl to your personal maney Management)
The exspected up-move could slow down if the pair will reach the 0,618 fibo retracement (1,2-0,965)
A sustainable break of the breakout Level will destroy the up-momentum and the bullish chart.
A worst case dip to the longterm uptrendchannels bottom edge (1,053) should than be exspected
blue: preferred Szenario
Grey: alternative exspectation