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EUR/CHF 1.21.08 Analysis



EUR/CHF 1h chart. After a steep drop early last week, it stays in a consolidation for 3 days, ranging within 1.6196 and 1.6083. And finally broke to the downside just before the market close last friday.

Double top is formed. EMAs pointing down suggesting a continues bear.



A bigger double top formation formed. All indicators are at oversold territory, but still has room for the down side. I'm expecting it to test the 1.6033 first then reached the psychological level of 1.600 on or before the fed rate announcement on January 30. Wait for the confirmation of a reverse on the dailies before placing a buy hedge.

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