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Technical Analysis

EUR/CHF Losing Bearish Momentum


Price dropped today and tried to reach new lows, but the sellers weren't strong enough. Has found support at 1.1271 level, much above the 1.1259 previous low and looks like that the corrective phase is at the end. It is trading much above the confluence area formed at the intersection between the WL3 with the upper median line (uml) of the minor ascending pitchfork.

You can see that has failed to close near it in the last two sessions, a retest of the confluence area or the upper median line (uml) will signal another leg higher.

Author: MultiBank Exchange Group Website:
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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