We should be able to see an eerily similar head and shoulders pattern forming in EURCHF on a weekly chart. Currently it is hovering just above its trendline support drawn since May 2006. A move back above 1.65 is needed to alleviate the downward pressure, while a break below trendline support will definitely exert further pressure on its previous low at 1.6300-1.6310, which also coincides with the 38% Fib level. For now, I retain a bullish bias for this pair.
Looking to long EURCHF at around 1.6400 and 1.6300.
Looking to build stops at around 1.6250 and 1.6150.
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