USD/CHF: Correction is over; bulls are at front foot again

June 28 , 2018

 

By applying the Fibonacci retracement line we can observe that pair has retraced almost 38.2% and from there it bounced back to north side. However, it tried earlier also but could not succeed and now once again two consecutive bullish marabuzo candlesticks above moving average lines are generating strong bullish candlesticks.

 

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.

 

 

 

Yesterday we have seen a bullish marabuzo candlestick on the daily technical chart and it engulfed last couple of day’s trading candlesticks which is a strong bullish indication for buyers. Yesterday’s move shown the bullish pressure and we witnessed that bulls are in attacking mode. We will get further bullish confirmation above 1.0000 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 1.0054 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 1.0054 level is immediate resistance level followed by 1.0150 whereas 0.9790 level is strong key support level followed by 0.9650 level.

 

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