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EUR/CHF: The Bull is on its way


EUR/CHF has been bullish on the daily chart for the last three trading days. The chart shows that after being bearish for a long while, the price had a bounce at a flipped level and produced a bullish Inside Bar. Since then, it has been bullish. Yesterday’s candle came out as a bullish candle as well. Major intraday charts such suggest that the price may remain bullish today as well. Let us now have a look at those three charts.

Chart EUR/CHF Daily Chart

The chart shows that the price after producing four consecutive bearish candles had a bounce at 1.06600 and produced a bullish Inside Bar. Yesterday’s candle closed with a long bullish body with a long lower shadow. The last swing high is at 1.08900, which allows the price to make a relatively long bullish wave. The daily traders, however, may wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. On the other hand, as far as the daily chart is concerned, the H4 buyers may keep their eyes on the pair to look for long opportunities.

Chart 2 EUR/CHF H4 Chart

The H4 chart shows that the price after producing two consecutive bullish candles consolidated for long. It then headed towards the North and made a breakout at 1.07280. As of writing, the price in the current H4 candle has been bullish. The price may head towards the North with more pressure once the London Market opens. It may find its next resistance around 1.08140. The chart also suggests that the sellers may not find short opportunities in the H4 chart unless the daily chart produces a bearish reversal candle.

Chart 3 EUR/CHF H1 Chart

The chart shows that they made a bullish move with two bullish candles. It then consolidated and headed towards the North. The price had a rejection at 1.07620 and produced a bearish Marubozu candle. The level of 1.07470 produced a bullish reversal candle with a tiny little body followed by a bullish engulfing candle. Such price action may attract the buyers to go long in the pair and push the price towards the North further. The price may find its next resistance around 1.07900. On the other hand, if the price comes back in, it may find its next support around 1.07260.

The daily chart is bullish biased. The H4 and the H1 chart look very good for the buyers to look for long opportunities. Considering these three charts, the pair may end up producing another bullish candle on the daily chart.

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