Who’s ready to trade the SNB’s monetary policy announcement this week?
If you are, then you might want to check out EUR/CHF’s ascending channel pattern on the daily time frame.
Check out these levels!
EUR/CHF: Daily
EUR/CHF Daily Forex Chart Faster with TradingView
EUR/CHF has been pulling back after climbing to multi-week highs near .9475, as a surging dollar and safe-haven franc flows put sellers back in control.
The SNB delivers its quarterly rate decision on Thursday, with markets widely expecting a hold at 0.00%. Chairman Martin Schlegel has kept FX intervention on the table to limit franc appreciation, which could give bulls a reason to defend channel support right here.
Will the SNB press conference deliver that push?
If buyers step in just under .9400, EUR/CHF could make another run higher. That zone brings together the ascending channel trend line, Pivot Point, and 61.8% Fibonacci retracement, giving bulls a strong technical floor to work with.Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your fundie homework on the euro and the Swiss franc, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
R1 at .9434 is the first upside target, followed by the previous highs near .9475. Watch for bullish reversal candles around .9400 as an early sign that buyers are taking control again.
On the flip side, a disappointing SNB decision or a risk-off pressure from the bond market could push the pair below channel support.
A sustained close below .9400 would expose S1 at .9325, which sits just beneath the channel floor. If that level breaks, the August lows near .9300 and S2 at .9259 would be the next downside targets.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment.
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be construed as trading advice or a suggestion of any specific directional bias. Technical analysis is just one aspect of a comprehensive trading strategy. The technical setups discussed are intended to highlight potential areas of interest that other traders may be observing. Ultimately, all trading decisions, risk management strategies, and their resulting outcomes are the sole responsibility of each individual trader. Please trade responsibly.
This EUR/CHF setup centers on a zone where three technical factors overlap: ascending channel support, a monthly Pivot Point, and the 61.8% Fibonacci retracement. Readers unfamiliar with confluence analysis may not know how to evaluate setups like this. Premium members can read our lesson:
📖 Confluence: Stacking the Odds in Your Favor
Reading this helps you understand how overlapping technical signals strengthen a trade zone, why multiple factors at the same level change a setup’s quality, and how to assess confluence before acting on a chart setup.
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