As I mentioned in my last notes about this pair the trendline was broken and now price is retesting it from below.
It is exactly the same as EURUSD (My last article for this pair) but it's a great rule in the forex market not to overtrade and improve our trades with an awesome fact.Let's read some sentences about this fact:
For example : We are going to go short on EURUSD and EURCHF so we want to trade EURO weaknesses , but the fact that you must know here is not to trade EUR against another currency that is exactly in a down trend. In our example USD is bearish and we all know about economic problems in US. so trading EURO weaknesses against USD weaknesses in ridiculous now , but there is another approach for CHF here , Swiss Frank is extremely bullish now, so going short EURCHF means trading EURO disadvantages against CHF advantages.
For now let's go back to our setup , I want to see a nice bearish H4 candle near that trendline that closes below 1.3317 and then I will go short.
Note that in case of a bearish trend , the first support line is placed at 1.3270.
This pair is absoloutely is below the 200sma on H1 and didn't find anyway to break it (Second pic above)
Follow my tweets for this setup.
Thanks
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