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Bears to take advantage of the discount

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  • 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. 

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