The two scenarios we are currently monitoring (both possible) are the following:
1. The pair has been consolidating in a bigger contracting flat, on the 4hr timeframe. Said flat is completed now, and OANDA:EURCHF is resuming it's upward swing for one more upside.
2. The pair has double topped on minor timeframes (please refer to our as a necessary complement on this), and has already commenced it's downside movement. In this respect, this last upside structure on the 60min timeframe could be an expanding flat for more downside. This scenario will be confirmed only if the pair resumes it's downward momentum and drops. However, when the price gets to the 1.167 level, we still need to observe the structure because it could still be an running flat (instead of a contracting one) and we could still be playing out scenario 1 instead.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
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