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    EUR/CHF: possible resumption higher

       
    The EUR/CHF pair has pulled back, forming a vague a-b-c correction on the 4-hr chart. Now the last two 4-hr candles have outlined what is known as a two-bar reversal pattern.

    This probably indicates the pull-back is over and the pair is about to move higher again in line with the dominant short-term trend. Although the 4-hour candle has not yet completed, if it ends above 1.0470 the reversal pattern remains intact; if not then there is no reversal indicated.

    Momentum, as measured by MACD, is also in harmony with a continuation higher, and so a break above the current highs at 1.0480 would probably confirm a move higher, with a target at 1.0508 – the extrapolation of the length of the candle higher. If the high changes before the 4-hr bar has completed then adjust entry and target accordingly.

    EURCHF18

       
    The EUR/CHF pair has pulled back, forming a vague a-b-c correction on the 4-hr chart. Now the last two 4-hr candles have outlined what is known as a two-bar reversal pattern.

    This probably indicates the pull-back is over and the pair is about to move higher again in line with the dominant short-term trend. Although the 4-hour candle has not yet completed, if it ends above 1.0470 the reversal pattern remains intact; if not then there is no reversal indicated.

    Momentum, as measured by MACD, is also in harmony with a continuation higher, and so a break above the current highs at 1.0480 would probably confirm a move higher, with a target at 1.0508 – the extrapolation of the length of the candle higher. If the high changes before the 4-hr bar has completed then adjust entry and target accordingly.

    EURCHF18


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