EUR/CHF: Bulls are turning back to north side once again

July 16 , 2018

 

Well from the daily chart overview we can see many whipsaws with a bullish momentum and bearish momentum. With a both side roller coaster move traders have made profit on both sides. Well presently pair is moving upside as it is trading above all the major and minor EMA lines and a bullish marabuzo candlestick along with a hammer candlestick is support the bullish sentiments.

 

By applying the Fibonacci retracement line we can observe that pair has bounced from 38.2% level. From technical prospective we can see that a rounding bottom pattern has been formed on the daily chart and pair may test the 1.2000 level in near term.

 

 

 

 

Presently USD/CHF pair is making successively higher highs and higher lows on the daily technical chart and we can see a healthy uptrend and few weeks ago we have witnessed a correction in the pair. As everyone knows that a healthy uptrend always followed by a correction i.e. second opportunity to buy again for those who have missed earlier. Yesterday’s move has removed all the bearish sentiments and indicated that correction is over and just buy the pair.

 

 

Overall bulls are leading and dominating the bears at every nock and corner.We will get further bullish confirmation above 1.1750 levels. Odds are in favor of bulls. Intraday bias remains bullish on the pair and we will get further bullish confirmation once pair trade and settles above 1.1750 level as it is a strong key resistance level.

 

 

A bullish crossover on MACD indicator is favoring the bulls and providing trend reversal signal for the time being and RSI is also providing bullish signal from positive territory. The 1.1800 level is immediate resistance level followed by 1.2000 whereas 1.1500 level is strong key support level followed by 1.1400 level.

 

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