To analyze EURJPY intraday or swings, we will analyze the H4 chart.

The market structure of USDCHF is bullish; it tapped the support level at a major demand zone, in confluence with higher time frames. The pair is forming HH’s and HL’s. It tapped the support level but didn’t have any other confluence. Due to this, we anticipate a further wick down towards the price level of 0.9200 from where we could hop on the buys. Although, this support level of0.9244 seems logical too as the price action is forming bullish pressure, but we will wait to see what happens with the wick at the price mentioned.

There is only one descending trendline, which is in formation and is few pips away from the current price. That being said, we have to see how market reacts to the trendline. As the trend is bullish, there are higher chances of the market to break through the trendline, inducing breakout buys.

The 75-78.6% retracement level is below the support level, at the price of 0.9200. This area is the one where markets usually stop hunt or wick. We will take buys at this level.

Both EMA’s are bullish. At the support level, we may see EMA 200 retesting, hence giving us an added confluence for the long position. EMA 50 is still ranging within the price range.

Both the oscillators have a bullish divergence formed at the over-sold region. Market is absorbing the bullish pressure from the divergences by forming a bullish pinbar.

USDCHF is a good setup for longs. There is a chance market may surge from the current level. But to be more acute, we need to wait for our trading plan of buying at the price level of 0.9200.

USDCHF 0.9200 is the price

Vasl Capital

Sep 23 2021

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