Forex: EUR/CHF - Selling Pressure Is Weakening!?| FXMAG.COM

EURCHF -

Source: Saxo Group

On the weekly chart EURCHF has formed a Doji Evening bottom and reversal pattern – unless the price collapses before the Friday close resulting in a negative end to the week. The Doji Evening indicates a reversal which could take EURCHF to the resistance at around 0.72. A close above and parity is to be tested with a possible spike up to 10.01.

The bottom and reversal scenario is supported by divergence on RSI.

forex eur chf selling pressure is weakening grafika numer 2

Source: Saxo Group

On monthly chart EURCHF has found support at the 0.618 Fibo retracement at 0.9657. The Shoulder-Head-Shoulder pattern described in previous analysis will still be intact if we get a bounce to around 1.00-1.01.

forex eur chf selling pressure is weakening grafika numer 3

Source: Saxo Group

Source: Technical Update - EURCHF bottom and reversal pattern indicates rebound to around parity

Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager.

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.

Kim Cramer Larsson

Topics