On the EURCHF daily chart, we can see that the pair is in the falling wedge formation just at the long-term uptrend channel support line. A daily close above the 1.1280 level is required for the upside break and reversal into the 1.1400. A daily close below the 1.1200 level would open an extreme downside extension. From here both long/short trade entries have a good probability.
Note: Look for the short trade entries with the stop loss above the 1.3400 level. In the case of a daily close above the 1.3420 level look for the long trade entries.
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