<EURCHF>Market Analysis 20200105

Hello everyone.

Let me start the chart analysis of EURCHF with long term analysis.
My chart analysis always begins with long term analysis i.e. monthly chart and/or weekly chart as I would like to have macro perspective.


Monthly chart

It is downward trend since 2007. The red diagonal line is the trendline. Which will be used for analysis for other charts as well.

https://www.tradingview.com/x/WYmziv6x/

Weekly chart(long term)
It is also in long downward trend.

https://www.tradingview.com/x/o0xaeElk/

Weekly chart(short term)

In the long downward trend, it recently makes an upward trend according to the green channel.
We can also see short term downward channel which is red channel.


Daily chart
Only after analyzing the long term charts, then I go down to daily chart. This is daily exercise.

Key points in daily chart is;
-Strong support by the bottom of green channel
-The recent candlesticks break the bottom of the green channel


My primary scenario is that the price keeps going down as the bottom of the green channel broken and I would aim short position.
The entry point would be close to the bottom of the green channel once the price comes closer to this area.
Since there is a lot of void below current candlesticks, the price would go down much.
Profit taking point will be near red horizontal line which is low price in Sep, 2017.
Loss cut will be above the bottom of the green channel.
Risk/reward will be more than 2 which is good deal if realized.


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