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Introduction: Yesterday we saw the market was closed when EUR/CHF just entered its prior daily support. The solid uptrend we saw happened since the first of this month has finally met a crucial level. After seeing what the pair was doing this past two months we see the potential of high-quality moves will consistently happen moving forward. Let’s take a look at EUR/CHF daily chart. As we see on the chart EUR/CHF was in a downtrend for the last two months, but also has been in a downtrend for nearly a year. Then the price perfectly reversed on April 1st and creating has been on a solid uptrend since showing clear market structure and many trading opportunities. Today we see the price is currently sitting on the prior consolidation zone created last February. With the last few months of EUR/CHF trading with very full moves, it gives the ability for there to be more clean moves going forward. Now let’s see how is the price looking on the 4h chart. Pay attention to the prior support zone we marked with our major resistance zone. Yesterday we saw price enter this zone just before the market closing leaving the moves that occur when the market opens on Sunday and Monday as critical of the future of this pair. We haven’t seen any sign of a reversal or breakout in the current situation, which is why we looking at market structure going to the being on next week is critical. We will see either it will break out and continue to uptrend or reverse and goes back to the current daily support. But until then, let’s breakdown to the 1h chart. We can see the major uptrend better here. As the market reverse from the first of this month, EUR/CHF has continued to make higher highs and higher lows since. Now that price has entered this very crucial zone it means that either will reverse this uptrend or be broken allowing for consolidation or a continued uptrend. However, we have to wait and see more data formed as the market open back up this week.
Conclusion: We saw EUR/CHF has reversed from a very strong downtrend and has been trending up very cleanly over the last 2 months. On the first of this month, price reversed back up from that downtrend and today it’s sitting in critical daily range. Looking at what the pair have been doing this past two months, it is likely to see a cleaner and full moves happen with the pair in the coming weeks as we see if the market begins to break through or reject the major zone.