From the weekly perspective, the price created an overextended M formation, after M formation, price usually will go and retest the neckline of the M a.k.a previous support now become resistance.
From the COT perspective, hedge funds are bullish bias on both EUR and CHF, but EUR look stronger than CHF, the total net positions on EUR are 75k compared with CHF's 8.7k net positions.
The proper way to approaching this pair is to waiting for the price to retest the daily support. If the price is managed to do this, I will switch to 4h perspective looking for the long confirmation, if the 4h will provide to me one of my rules, then I will take a nice long on this pair with a good RR.
Remember, always reactive to the market instead of predictive it, this analysis is based on the technical and COT perspective.
Comment below let me know you thought on EURCHF.
From the COT perspective, hedge funds are bullish bias on both EUR and CHF, but EUR look stronger than CHF, the total net positions on EUR are 75k compared with CHF's 8.7k net positions.
The proper way to approaching this pair is to waiting for the price to retest the daily support. If the price is managed to do this, I will switch to 4h perspective looking for the long confirmation, if the 4h will provide to me one of my rules, then I will take a nice long on this pair with a good RR.
Remember, always reactive to the market instead of predictive it, this analysis is based on the technical and COT perspective.
Comment below let me know you thought on EURCHF.