EUR/CHF Candlesticks and Ichimoku Analysis

Weekly

    •    Last Candlesticks pattern: Doji
    •    Time of formation: 20 Feb 2017
    •    Trend bias: Up

Daily

    •    Last Candlesticks pattern: Doji
    •    Time of formation: 1 Sep 2016
    •    Trend bias: Near term down

EUR/CHF – 1.0877

As the single currency has rebounded after holding above support at 1.0838, retaining our bullishness and consolidation above this level would be seen with upside bias for gain to 1.0920 but break of resistance at 1.0949 is needed to signal the pullback from 1.0988 has ended, bring test of 1.0960, break there would suggest upmove has resumed for retest of 1.0988, then towards previous resistance at 1.1001. Looking ahead, only a break there would retain bullishness and encourage for headway to 1.1050-60, then 1.1100, having said that, price should falter below another previous resistance at 1.1201.

On the downside, expect pullback to be limited to 1.0855 and said support at 1.0838 should hold, bring another rise later to aforesaid upside targets. Below 1.0838 support would risk test of previous support at 1.0792 but only a daily close below there would signal top is formed at 1.0988 instead, bring subsequent fall to 1.0750 and then towards 1.0700-10 but support at 1.0671 should remain intact, the single currency shall stage another rebound from there.

Recommendation: Hold long entered at  at 1.0865 for 1.1065 with stop below 1.0835.

 
On the weekly chart, as indicated support at 1.0838 has continued to hold, retaining our bullishness and consolidation with upside bias remains for gain to 1.0949 resistance but break there is needed to signal the pullback from 1.0988 has ended, bring retest of this level, break there would extend recent upmove from 1.0631 to previous resistance at 1.1001, a sustained breach above this level would signal the fall from 1.1201 has ended, bring further gain to 1.1100 and possibly test of resistance at 1.1129 but price should falter below said recent high at 1.1201, bring retreat later. 

On the downside, as long as said support at 1.0838 holds, prospect of such a rebound remains. Below this level would risk test of the Kijun-Sen (now at 1.0810) but only break of previous support at 1.0780 would abort and signal top has been formed at 1.0988 instead, bring further weakness to 1.0720, however, still reckon support at 1.0656 would remain intact, bring another rally later.