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

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