The pair has been moving in a falling channel pattern from the past three months. Yesterday, the pair tested the 1.08230 support level for the third time and again took a bounce, ending the day with a long bullish candle and creating a morning star pattern. Moreover, the upliftment in the pair was supported by the divergence between the prices and the RSI...
EURCHF Nicly moving in the descending channel short when price touched trendline in lower timeframe right now it is in correction faze short term buying .
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.1205). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURCHF is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support....
The counter has topped out in the near-term charts.
It formed a significant high of 1.14800 and unable to hold on to the gains it slid down to the support of 1.13582.
It then made an effort to take down the previous high but a head and shoulder pattern has formed.
So, the entire structure could be attributed to lower high formation in the making.
The MACD...
Midterm forecast:
While the price is below the resistance 1.1500, beginning of downtrend is expected.
We make sure when the support at 1.1320 breaks.
If the resistance at 1.1500 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis :
A peak is formed in daily chart at 1.1475 on 04/23/2019, so more losses to support(s)...
The dragon pattern, a variation of double bottom pattern, is formed in the counter.
The price has crossed the critical resistance level of 1.12047 as well.
Hence we expect the pair to move to the next resistance levels of 1.12561 and 1.12939.
EUR/CHF has made a bearish breakout from the symmetrical triangle formation.
It is currently retracing to test the broken resistance.
Hence we expect a strong bearish momentum from here .
EUR CHF - Daily. We feel the pair has broken out of Downtrend as lower highs has been broken. However, still it cant be said that the pair is in uptrend. Prices are reversing from the resistance zone. Will have to wait till the breakout above Resistance Zone for saying that the pair is in uptrend.
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ALERT SIGNAL FOR POSITIONAL
TRADE ALERT SIGNAL
DATE -14/10/2018
BUY ENTRY 1 -1.14284
BUY ENTRY 2 - 1.13958
STOPLOSS- 1.13620
TARGET 1 -1.14609
TARGET 2 - 1.14943
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