The EURCHF faced a strong supply area at 0.9850 that halted the price from soaring higher during the first week of April.

As a result, I have prevented a huge loss from my previous long call:

https://www.finlogix.com/analysis/20240404/eurchf-intraday-analysis-and-trading-plan-for-april-4-2024

Landing my first loss for the cross pair.

There is no major economic report for Both Europe and Switzerland this week.

Last week, the ECB maintained a 4.50% interest rate which in my opinion supports a hawkish Euro against the Swiss National Bank’s dovish Swiss Francs March rate cut.

Re-assessing EURCHF’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Longer Head Wick

Monthly Candle: Last check is Green Body with a Longer Tail Wick now a Red Long Upper Shadow with a Small Body

Weekly Candle: Previous close is a Red Long-Legged Spinning Top with a Longer Head Wick current is a Green Spinning Top

Daily Candle: Previous close is a Green Body with a Long Tail Wick current is a Red Hammer

Still bullish for the year after the long term downtrend is reversed.

There’s an acceptable monthly pullback but the trajectory is still in a clear up trend for now.

My attention for now is the 0.9850 to 0.96660 retracement range.

From what I am seeing, the recently lost 4H 50-SMA will be reclaimed when a confirmed breakout occurs anytime intraday!

Price is tightening on the 4H view as well. If a successful breakout above the 23.60% fib price level happens, the intraday red hammer evolves to a green body at least.

Based on this information, I am going to open a long position through the current price levels with a stop loss set below the retracement’s lower range while taking profit at the 78.60% fib.

My long term analysis is parity. I will keep opening long positions for the EURCHF.

See you in my next calls. Have a great day.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

EURCHF Intraday Analysis and Trading Plan For April 18, 2024

Apr 18 2024

Stop Loss -0.69%

Holding time 19hr

0.97172

Entry price

0.96500

Stop loss price

1