A Bullish Chart Setup Formed in EUR/CHF and We Went Long - Forex News by Strategia Forex

A Bullish Chart Setup Formed in EUR/CHF and We Went Long

Posted Thursday, October 5, 2017 by
Skerdian Meta • 1 min read

EUR/CHF has been trading in a range for more than a week, but yesterday it broke the range to the upside. The move higher stretched higher this morning, but the price reversed and this forex pair went through a retracing period.

The price has slipped lower in the last few hours. But right now, the decline has stopped and the setup on the H1 timeframe chart looks bullish.

The last doji candlestick is another bullish signal

Right now the price is at a resistance area which has been the top of the range in the last seven days. Resistance usually turns into support, so that’s what this level is doing at the moment.

Besides, the stochastic indicator has reached oversold levels, which means that the retrace lower is over.

But there’s more technical indicators that point up. The 50, 100 and 200 SMAs are providing solid support for this pair after providing solid resistance for more than a week. So, we decided to go long and this forex signal looks to be on the right track.    

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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