USDCHF M Formation: Forex Chart Markups, 29 June 2026

The USDCHF M formation on Wednesday 1 July 2026 made the high of the week at 0.81199 at 09:00 New York and fell 111 pips by Thursday. The first leg formed on US ADP jobs data at 08:15, and the second leg took its stops as central bank speakers began at 09:00. EURUSD, GBPUSD, USDCAD and NZDUSD hunted stops in the same candle. Six weekly cycles and 5 textbook setups made it a classic Wednesday.

The week in brief

• Markets: the seven forex majors and gold (XAUUSD, counted at 1 pip = $1), on 15-minute and 1-hour candles.
• Daily setups: 5 textbook and 3 partial.
• Weekly cycle: 6 of 8 markets turned midweek (EURUSD, USDJPY, USDCHF, AUDUSD, USDCAD and XAUUSD).
• Setup of the week: USDCHF on Wednesday, M formation, 6 of 8 on confluence: 42 pips that day, 111 on the week.
• News in sync with a stop hunt: EUR ECB's President Lagarde speech, USD Fed's Chair Warsh speech; USD ADP Employment Change; GBP BoE's Governor Bailey speech, USD Fed's Chair Warsh speech.

USDCHF M formation: how to read these chart markups

New to these charts? Every markup reads price action in reverse. Retail traders are taught the same rules: buy the breakout, sell the breakdown, and put the stop just beyond the last high or low. So we know where their orders sit without seeing an order book. The blue box is the Asian range. The red crosses are retail stop losses. The hatched zone is the stop hunt, where price goes to collect them, and the big number in the header is what the reversal paid in pips. The full walkthrough is in How to Read a Forex Chart Markup.

The week at a glance: confluence ranking

Every daily setup of the week on one page, best first. The score is a tally of the eight confirmations the method lists, and the last column says what the rest of the week did with each level. EURUSD leads with 6 of 8.

The weekly cycle: induction, trap, reversal

The weekly cycle is the bigger picture behind every daily setup: an induction trend early in the week, the high or low of the week on Tuesday or Wednesday, then the reversal. We only draw it when the week actually turned, and each chart carries a checklist of which parts held. The idea is laid out in How to Read a Forex Chart Markup.

USDJPY · 236-pip reversal. The trap printed the high of the week at 162.840 in Wednesday's session (Tuesday 23:30 New York), and the reversal ran 236 pips to 160.479 by Friday. 4 of 4 textbook checks held.

USDCHF · 111-pip reversal. The trap printed the high of the week at 0.81199 on Wednesday 09:00 New York, and the reversal ran 111 pips to 0.80094 by Thursday. 4 of 5 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

EURUSD · 111-pip reversal. The trap printed the low of the week at 1.13617 on Wednesday 09:00 New York, and the reversal ran 111 pips to 1.14727 by Thursday. 4 of 5 textbook checks held; the miss: no induction trend toward the trap, Sun to Tue ran the other way.

USDCAD · 97-pip reversal. The trap printed the high of the week at 1.42473 on Tuesday 07:30 New York, and the reversal ran 97 pips to 1.41500 by Thursday. 2 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

AUDUSD · 85-pip reversal. The trap printed the low of the week at 0.68648 in Tuesday's session (Monday 22:30 New York), and the reversal ran 85 pips to 0.69493 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

Gold (XAUUSD) · 254-pip reversal. The trap printed the low of the week at 3941.53 in Tuesday's session (Monday 21:00 New York), and the reversal ran 254 pips to 4195.36 by Friday. 4 of 4 textbook checks held.

No weekly cycle chart for GBPUSD and NZDUSD: those markets did not make a midweek high or low and then reverse by at least 1.25 average daily ranges.

Setup of the week: USDCHF M formation, 1 July 2026

USDCHF spent the Asian session in a 25-pip range between 0.80709 and 0.80958. New York then broke the high of that range by 17 pips, to 0.81127 at 08:00 New York, taking Tuesday's high (0.81011) on the way: the breakout the crowd buys. Price pulled back to a neckline at 0.81054, then ran a second leg to 0.81199 at 09:00 New York, 7 pips past the first leg. That second leg is the stop hunt. It took the stops resting above the first leg and trapped everyone who bought the new high. From there price reversed 42 pips to 0.80777 in 3h, back inside the Asian range.

Now read it in reverse. At each of those prices, whose orders were waiting?

Where the retail stops were

• Sellers' stops above the Asian high, 0.80958: taken by the first leg.
• Stops above Tuesday's high, 0.81011: taken by the first leg.
• Buyers' stops below the neckline, 0.81054: taken as the reversal broke it.
• Buyers' stops below the Asian low, 0.80709: not reached.

The trade. The method sells against the breakout, on the second leg at the high of the day (0.81199). The stricter trigger, the first 15-minute close back inside, came with 18 pips of risk to the extreme and 25 pips to the low of the day, about 1 to 1.4. The method skips anything under 1 to 3, so from that trigger this one does not qualify. These numbers are measured after the fact from 15-minute candles.

Confirmations: 6 of 8. It had a second-leg stop hunt, a hunt at a session open, the previous day's level taken, high-impact news in sync, a Tuesday or Wednesday date and the high or low of the week. Missing: a clear Asian range and induction from the week's open. It is the high of the week.

The rules for this pattern are in How to Read a Forex Chart Markup. For another M formation, on EURUSD, see NFP stop hunt, week of 1 June 2026.

Textbook setups, day by day

A setup is textbook when the reversal clears the whole Asian range, or runs at least three quarters of the pair's average daily range. The daily cycle behind all of them, Asia consolidating, London breaking out and the reversal after, is covered in How to Read a Forex Chart Markup.

Tuesday · USDCAD · London stop hunt (70 pips). London took the stops above the Asian high at 1.42473 (07:30 New York); price reversed 70 pips, through the whole Asian range. Confluence 3 of 8. It was the high of the week.

Wednesday · EURUSD · W formation (50 pips). The second leg took the stops below the first leg at 1.13617 (09:00 New York); price reversed 50 pips, back inside the Asian range. High-impact news in the same candle: EUR ECB's President Lagarde speech, USD Fed's Chair Warsh speech. Confluence 6 of 8. It was the low of the week.

Wednesday · GBPUSD · W formation (73 pips). The second leg took the stops below the first leg at 1.32189 (09:00 New York); price reversed 73 pips, through the whole Asian range. High-impact news in the same candle: GBP BoE's Governor Bailey speech, USD Fed's Chair Warsh speech. Confluence 4 of 8. The low held for the rest of the week.

Wednesday · NZDUSD · New York stop hunt (32 pips). New York took the stops below the Asian low at 0.56574 (09:00 New York); price reversed 32 pips, through the whole Asian range. High-impact news in the same candle: USD Fed's Chair Warsh speech. Confluence 4 of 8. The low held for the rest of the week.

Partial setups: the structure without the follow-through

These printed the structure, but the reversal stalled inside the Asian range. They are worth studying for exactly that reason: the trap was real and the payoff was small.

Tuesday · USDCHF · New York stop hunt (25 pips). New York took the stops below the Asian low at 0.80628 (10:45 New York); price reversed 25 pips, back inside the Asian range. Confluence 2 of 8. Thursday traded back through it.

Wednesday · USDCAD · M formation (44 pips). The second leg took the stops above the first leg at 1.42347 (09:00 New York); price reversed 44 pips, back inside the Asian range. Confluence 5 of 8. The high held for the rest of the week.

Wednesday · USDJPY · New York stop hunt (32 pips). New York took the stops below the Asian low at 162.296 (09:45 New York); price reversed 32 pips, back inside the Asian range. Confluence 3 of 8. Thursday traded back through it.

Daily and weekly confluence, pair by pair

Each chart pins a pair's daily setups on its hourly chart for the week. The solid line is the move that day, the dashed line is how far it ran before the level was traded back through, and a gold band marks a weekly reversal. The table under each chart ticks the confirmations.

EURUSD. 1 setup, best 6 of 8 (Wednesday, W off the low).

GBPUSD. 1 setup, best 4 of 8 (Wednesday, W off the low). No midweek reversal.

USDJPY. 1 setup, best 3 of 8 (Wednesday, New York stop hunt at the low).

USDCHF. 2 setups, best 6 of 8 (Wednesday, M off the high).

USDCAD. 2 setups, best 5 of 8 (Wednesday, M off the high).

NZDUSD. 1 setup, best 4 of 8 (Wednesday, New York stop hunt at the low). No midweek reversal.

What this week teaches about reverse price action

Five pairs turned in one candle on a Wednesday at the New York open. That is the weekly cycle and the daily cycle landing on the same moment, and it is the alignment the method looks for. On USDCHF the week had ranged for two days, stops had built on both sides, and the second leg of the M cleared the ones above. When the high of the day is also the high of the week, the reversal has two timeframes of trapped buyers to feed on.

On the news itself: the event gives the crowd its reason, and the chart shows where the orders already were.

Frequently asked questions

What was the best forex setup in the week of 29 June 2026?

By confluence, EURUSD on Wednesday: a W off the low that scored 6 of 8. It moved 50 pips that day and 111 on the week. It was the low of the week.

Was there a midweek reversal in the week of 29 June 2026?

Yes, on 6 of the 8 markets we track: EURUSD, USDJPY, USDCHF, AUDUSD, USDCAD and Gold (XAUUSD). The largest was USDJPY, 236 pips from the high of the week at 162.840.

What is an M formation in forex?

An M formation is a reversal at a high. Price breaks above the Asian range (the first leg), pulls back to a neckline, then makes a second leg slightly above the first. That second leg takes the stops above the first high and traps breakout buyers. The method only trades an M off the high of the day.

Why do stop hunts happen on news releases?

A scheduled release brings the most orders into the market at a known minute. Price is often already sitting next to a level with stops behind it, and the release supplies the volume to take them. The timing of the event matters more than the number.

Related chart markups

• Previous week: EURUSD midweek reversal, week of 22 June 2026
• Next week: GBPUSD midweek reversal, week of 6 July 2026
• NFP stop hunt, week of 1 June 2026: another M formation, on EURUSD
• GBPUSD M formation, week of 10 August 2026: another M formation, on GBPUSD
• FOMC stop hunt, week of 14 September 2026: another M formation, on Gold (XAUUSD)
• All forex chart markups, week by week
• How to Read a Forex Chart Markup: what every mark on these charts means

Learn to read the chart this way. The Forexia Academy courses cover the Asian range, M and W formations and the weekly cycle step by step. Browse the courses.

These chart markups are made after the fact, for study. They are not signals and not trade advice. Candles: Dukascopy. Economic calendar: FXStreet. All times are New York. Stop-loss positions are the method's reading of the structure, not order-book data.