The Euro Swissy.
Good afternoon Dynamic Traders,
Today I am putting the EURCHF on my watchlist as after a long drawn out flag formation from early March this pattern did not close below the 50% fibonacci retracement and on the 24th of June price action rocketed through the trendline resistance.
Since then the retracement has fallen back to the 50% retracement again of this move which could signify another up move after the big move small pause scenario.
Some confluences for this are that the MACD histogram is positive and also the GetStochastics is showing a false bar which could indicate that a possible upmove could be on the cards.
Strength is showing in this move at present and the RSI indicator is above 50.
As always please ensure to do your own analysis before taking any trades.
Charts courtesy of AdvancedGet.
Good luck with your trading.