EUR/CHF sits just beneath the top of the range it’s been trading in over the past three months, providing a variety of potential setups depending on how the near-term price action evolves.
The bullish engulfing candle on the daily chart last Friday set the tone for the price action seen this week, sparking a significant bullish reversal after a false break of .9300 support. The subsequent move saw the price take out resistance at .9363 before stalling at .9429—a level that capped the pair in June.
Given recent price action, traders should be on alert for a potential extension of the bullish move.
Should we see a break and close above .9429, it would allow for longs to be established with a stop beneath for protection, targeting resistance at .9500. Offers may be encountered just beneath .9450, presenting a potential hurdle for bulls along the way.
Alternatively, if the pair cannot break .9429 meaningfully, the setup could be flipped with shorts established beneath the level with a stop above for protection. Potential targets include .9363 or .9300.
Momentum indicators have skewed bullish over the past week, with RSI (14) trending higher but not yet overbought, while MACD has crossed the signal line and now sits in positive territory. It’s not a roaring endorsement for a bullish bias, but it does favour upside rather than downside in the near term.
The bullish engulfing candle on the daily chart last Friday set the tone for the price action seen this week, sparking a significant bullish reversal after a false break of .9300 support. The subsequent move saw the price take out resistance at .9363 before stalling at .9429—a level that capped the pair in June.
Given recent price action, traders should be on alert for a potential extension of the bullish move.
Should we see a break and close above .9429, it would allow for longs to be established with a stop beneath for protection, targeting resistance at .9500. Offers may be encountered just beneath .9450, presenting a potential hurdle for bulls along the way.
Alternatively, if the pair cannot break .9429 meaningfully, the setup could be flipped with shorts established beneath the level with a stop above for protection. Potential targets include .9363 or .9300.
Momentum indicators have skewed bullish over the past week, with RSI (14) trending higher but not yet overbought, while MACD has crossed the signal line and now sits in positive territory. It’s not a roaring endorsement for a bullish bias, but it does favour upside rather than downside in the near term.
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Good luck!DS
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