That was definitely one of the most interesting weeks on the financial markets. Sometimes all you need for proper attractions is low liquidity. Today, we will show You three very promising setups with the CHF, which yesterday got super strong but finishes this week on the back foot.
First setup is on the USDCHF. The pair is creating a flag formation, which in this case is bullish. Flag went as deep as to the long-term up trendline and this is a great place for a bounce. For the proper buy signal, we need to see the breakout of the upper line of this formation first.
Next one is the EURCHF, where the price is creating a hammer on the weekly chart. The place, where the hammer is present is not random. These are the lows from the 2018 and the highs from the 2016. The legitimate buy signal will be triggered, when the price will break the blue down trendline.
The reversal on the third instrument – AUDCHF is the strongest one. Here, it also does not happen in a random place. We are on the long-term support area, respected here in the 2015, 2016 and 2018. As for now, the weekly candle is a very handsome hammer and definitely promotes a further rise.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
More From FXEMPIRE:
- Dovish Fed Chief Powell Delivers What the Markets Wanted
- Weekly Review: Dollar Dives After Powell Strikes Softer, More Dovish Tone
- EUR/USD Weekly Price Forecast – EUR struggles for the week
- Natural Gas Price Prediction – Inventories Declined Less than Expected but Prices Still Rebounded
- Bitcoin – Resistance at $4,000 could be the Bulls’ Undoing
- Gold Price Prediction – Gold Slides Following Robust Payroll Report