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(H2) Remains Below Recent Highs


(H2) Continues to Fade

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EURCHF is firmer today extending...>

EURO-SWISS TECHS: EURCHF is firmer today extending Friday's recovery. In candle
terms, Friday is a bullish engulfing reversal. Technical analysis focuses on
pattern recognition and uses the information to assess conditions in sentiment.
- A look at recent history in EURCHF, we observe that the bullish engulfing
reversal pattern has occurred on several occasions (Sep5, Sep 30 and Oct 9). On
each of these occasions, an impressive recovery followed. The most recent signal
was confirmed at Friday's close.
- Additionally, Friday's price action also marked the conclusion of a 3-day
candle reversal pattern known as a morning star reversal, an equally important
indication of a shift in market sentiment.
- Finally, both these candle patterns have developed following a failed attempt
last week to clear the base of the bull channel drawn off the Sep 4 low. 
- The recovery thus far today is encouraging, and the implications are that the
cross potentially has the legs to rally towards the top of its bull channel
around 1.1070/80 over coming sessions.
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