So my call for an inevitable sharp correction last July 3 has occurred, completely liquidating the entire sell side levels in 2024!

As a result, my July 19’s long trade plan has exited in another loss after holding for 7 days and 5 hours:

https://www.finlogix.com/analysis/20240719/eurchf-intraday-analysis-and-trading-plan-for-july-19-2024

There are no high impact economic reports both in Europe and Switzerland this week.

Re-assessing EURCHF’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Long Upper Shadow

Monthly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Red Semi Dragonfly Doji

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Red Spinning Top current is a Green Body with a Longer Head Wick

In today’s analysis, I’ll be referencing July 15-16 swing high to August 5 swing low moves as a complete down wave ending.

The 2024 yearly low has surpassed last year indicating that Euro is still struggling to push higher against the Swiss Franc.

Giving up more than 60% of the yearly gain is not a joke in a bearish trend!

For now I’ll be bearish for the EURCHF waiting for another leg down after seeing a possible buy side sweep on the area I’ve indicated above.

The monthly chart pattern looks promising to reverse the trend but I doubt it yet.

Today’s trade plan is to short sell EURCHF’s attempt to back to the 0.96-0.9650 range with a 70 pip stop loss and targeting the 38.20% fib level to take profit.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

EURCHF Intraday Analysis and Trading Plan For August 12, 2024

Aug 12 2024

Pending

Published 327d ago

0.93429

Current price

0.96290

Entry price

1