EURCHF is approaching the support zone. Traders are keeping a close eye on the zone, specifically on price action for a possible rebound on the zone. A potential descending structure is forming and the MACD is indicating convergence. These factors indicate the market is preparing for a retracement to the upside or a reversal to the upside. Any lower low forming around these zones will be a potential long setup.
GBPUSD has been retracing for the past 2 weeks. The retracement is currently around 78.6 fib level zone and is approaching the supply zone which can possibly change the structure however traders are still biased to the downside and a rejection on the supply zone will confirm either a correction to the downside or an overall bearish impulse wave.
USDCHF is pushing down after the corrective structure. The current leg is an impulse wave and structurally traders anticipate a test of the previous low to complete the overall setup. Any bearish continuation pattern that forms will continue the leg to the downside.