FxWirePro

EUR/CHF gravestone doji brings rally back in narrow range

FX:EURCHF   Euro / Swiss Franc
75 0 5
On weekly plotting, after three weeks of upswings we traced out a sharp gravestone doji pattern at 1.1048 levels evidences the weakness again in this pair, as a result we now see the slumps dropped in the narrow range trend.

The brief upswings was not sustained even though break out above resistance at 1.1011 and drop below the resistance of sideway trend channel.

This range has lasted almost for 6 months, but the moment when it breached the above mentioned Gravestone doji pattern is occurred. That is from where it's been drifting down.

The prevailing prices are slid below moving average curves.

RSI on weekly is currently trending at 47.5958, while %D crossover just a shy below 40s.

On a break out and doji formation the huge volumes were also in conformity to these slumps.

But MACD hints the upcoming trend is likely to prolong in the same range like we've been seeing from last 6 months. Long term FX investors may get good hedging arrangements capitalizing on this signal.

Intraday speculators can eye on boundary binaries keeping 1.0876 upper bracket and 1.0821 as lower bracket.

Nevertheless, short term bears can eye on shorts in near month futures for targets of 100-150 pips with stiff stop loss of 1.0978.
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