(UPDATE) - EURUSD recently spiked into the supply zone and rejected 1.04800 as seen by the shooting star candlestick. The following candlesticks have failed to take out the high of the shooting star candlestick. This price action is a sign that sellers are gaining interest in this market. As such, traders anticipate a drop from the supply zone and are waiting for bearish momentum to start kicking in and form an engulfing candlestick before looking for trading opportunities to the downside.
GBPCHF has broken above the descending structure as well as the support zone around 1.12110. This price action indicates a possible change of structure to the upside, however traders are waiting for a correction or a retracement to confirm further upside movements and thus provide trading opportunities to the upside with targets set at the supply zone.
USDCHF recently broke above the consolidation and is currently creating a new high. This comes after the market created a higher low which confirmed a change in structure and behaviour to the upside. This also developed an ascending trendline. According to this price action, traders anticipate a short-term possibly up to the supply zone around 0.96790 - 0.96450. As such, any bullish continuation patterns will provide trading opportunities to the upside.