EUR/CHF – Broken out of the channel formation to the upside

Ian Coleman FXStreet

Technical

Weekly: EURCHF has found support at the lower end of a bullish channel on the weekly chart. This also coincides with major support at 1.1180. If EURCHF closes above its current level on Friday (11/01/2019) then a bullish engulfing candle will have formed on the weekly chart.

Daily: Broken out of the channel formation to the upside. In line with support, buying has been posted from 1.1183. Yesterday's Marabuzo is located at 1.1282. Further upside is expected.

Intraday: The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. Positive overnight flows lead to an expectation of a firm open this morning. We look for a re-test of the downward trending support. Further upside is expected although we prefer to set longs at our bespoke support levels at 1.1305, resulting in improved risk/reward.

We look to Buy at 1.1305

Stop: 1.1270

Targets:1.1425 and 1.1500

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Author

Ian Coleman

FXStreet

Ian started his financial career at the age of 18 working as a Junior Swiss Broker at Godsell Astley and Pearce (London). He quickly moved through the ranks and was Desk Manager at RP Martins at the age of 29.

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