Forex Trading Library

EURCHF – Reversal formations highlight a bullish bias

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Monthly: EURCHF has staged a strong recovery since posting a low in January 2015. The rally has stalled, and a reversal posted from levels close to the 78.6% Fibonacci pullback of 1.2010. Channel support is located at 1.1276

Weekly: A bullish 5-wave pattern completed at 1.2005. A corrective 3-wave pattern (corrective) can be noted to the downside stalling between the 50 and 61.8% Fibonacci pullback levels (of 1.1313 and 1.1150). Last weeks price cation posted a Doji, highlighting indecision.

Daily: Looks to be forming an Ending Wedge. A break of resistance at 1.1360 and the measured move target is 1.1470

Intraday (3-hours) – Reverse Head and Shoulders forming. A break of 1.1356 and the measured move target is 1.1450

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