We are analyzing the activity of HFT algorithms on the EURCHF Forex pair today and have noticed that bullish trading opportunities may be provided here.
The pair has now reached the light HFT buying pressure zone which is noted at 1.1218 and below. The price has reacted here, but a bullish signal or pattern has not been formed yet, so further bearish attempts to the downside are possible still.
However, the 1.1200 round number level is also near the current levels and is likely to provide additional buying interest as this level is notable support for EURCHF. Hence, the combination of the 1.1200 support and the light HFT buying pressure zone could attract enough buying pressure that could result in a bounce and formation of bullish signals here.
In such a case, if EURCHF would reverse the pair will probably move toward the first intraday resistance around 1.1230 and then toward the light HFT selling pressure zone which is noted at 1.1258 and above.
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