EURCHF - Now OverBought ↘️

6 בנוב׳ 2023Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

As per my last analysis, attached on the chart, we have been looking for buy setups around the lower bound of the red channel.

EURCHF traded higher and it is now approaching the upper bound of the channel again.

Moreover, the zone 0.97 is a strong resistance.

🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper red trendline acting as a non-horizontal resistance.

As per my trading style:
As EURCHF is sitting around the upper red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

Knowing that EURCHF can still test the 0.97 resistance before going down.

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich