pinoso

Thoughts on EURCHF (Neutral at the moment)

FX:EURCHF   Euro / Franco Suíço
This chart is harder to know what the market will do as it is in a consolidation. But, I'll give my point of view of what will I trade in case it gives me any opportunity.

There's a flag pattern that inside the consolidation, which is usual and it could be a bearish possibility that is in theory happening at this moment. But the thing is, the market is also near to the break in case this is a double bottom pattern (W pattern) and it will look to go bullish. So I think it is key to see there the market does the retest first. If it goes up and retest 1.0335, I would most likely go bullish. If it goes down and retest at 1.0305, I would most likely go bearish. But it depends on how the market reacts. If you ask me where I'm inclining to believe that the market would go I'd say bearish because it hit first the flag pattern. That's why I recommend to wait for any retest. If not retested, then discard and wait for the consolidation to end.
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