EURCHF-Rising trend-line from July 31 low has to hold for upside
EURCHF 1.0943 bullish — Rising trend-line from July 31 low has to hold for upside
EURCHF rallied to a new multi-month high at 1.1049 (September 7, 2015) before pulling back to 1.0899 (September 18, 2015 low) to test the rising trend-line from July 31, 2015 low. The latter has to hold in order to maintain the uptrend near term. Strength through 1.1049 would extend the uptrend to challenge 1.1095 (61.8% of the 1.2016/.9650 sharp fall in January 2015). Above there would firm for 1.1437 (76.4% of the 1.2016/.9650 sharp fall in January 2015).
However, if the pair breaks below the 1.0899 area, that would caution bulls and expose the 1.0800 (August 4, 2015 low) near the 2.5-month rising trend-line (from June 29, 2015 low).
Outlook:
Intraday:neutral
Daily:bullish
Weekly: bullish
EURCHF rallied to a new multi-month high at 1.1049 (September 7, 2015) before pulling back to 1.0899 (September 18, 2015 low) to test the rising trend-line from July 31, 2015 low. The latter has to hold in order to maintain the uptrend near term. Strength through 1.1049 would extend the uptrend to challenge 1.1095 (61.8% of the 1.2016/.9650 sharp fall in January 2015). Above there would firm for 1.1437 (76.4% of the 1.2016/.9650 sharp fall in January 2015).
However, if the pair breaks below the 1.0899 area, that would caution bulls and expose the 1.0800 (August 4, 2015 low) near the 2.5-month rising trend-line (from June 29, 2015 low).
Outlook:
Intraday:neutral
Daily:bullish
Weekly: bullish
