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The inversely correlated pairs of the EURO USD and the USD CHF are at interesting crossroads. On their respective Daily Charts, we see that both had broken Support and Resistance boundaries that pointed to sharp and fast breakouts bullish for the Euro and bearish for the CHF. However, after pulling back and moving sideways, both appear poised to reverse inside of their large Pennant Setups.
EURO USD- DAILY CHART
We could be seeing a temporary bullish move to test the broken resistance before a U-turn takes place to complete the reversal. Support would be the target at the 1,3595 area, some 200 pips away.
Likewise, the USD CHF is just hovering below its Support area of the large Pennant as it gets ready to possibly break bullish to start the same reversal as the EURO.
DAILY CHART- USD CHF
The other possibility for this pair is that it could be simply testing the Support before resuming the initial breakout short. If this is the case, then a break of the uptrend line in the next few days would be needed. If this is convincing enough, then the correlation between these two pairs dictates that a similar signal would take place on the Euro. In either scenario, at least 200 Pips within a 7-day period is possible for both.
EURO USD- DAILY CHART
We could be seeing a temporary bullish move to test the broken resistance before a U-turn takes place to complete the reversal. Support would be the target at the 1,3595 area, some 200 pips away.
Likewise, the USD CHF is just hovering below its Support area of the large Pennant as it gets ready to possibly break bullish to start the same reversal as the EURO.
DAILY CHART- USD CHF
The other possibility for this pair is that it could be simply testing the Support before resuming the initial breakout short. If this is the case, then a break of the uptrend line in the next few days would be needed. If this is convincing enough, then the correlation between these two pairs dictates that a similar signal would take place on the Euro. In either scenario, at least 200 Pips within a 7-day period is possible for both.
