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Free AccessEURCHF is firmer today following...>
EURO-SWISS TECHS: EURCHF is firmer today following Friday's bounce. In candle
terms, Friday's price action is a bullish engulfing reversal. Technical analysis
focuses on pattern recognition and uses this 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 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 so far 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.
https://tinyurl.com/CHFReversal
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.