EURCHF is bouncing from the lower end of a large range

FX:EURCHF   Euro / Swiss Franc

EURCHF is bouncing from the lower end of a large range.

Price action has remained above the large support band between 1.1106 to 1.1200 on the weekly chart. The bullish hammer candle that was posted on the week ending 7th June 2019 suggests that buyers could return in the short term.

The daily chart displays a large range and if the buying continues to the close this evening, a bullish engulfing candle will form today.

The intraday chart (4H) appears close to completing a flag pattern , which suggest continuation of the short term trend.

Here is our recommendation today: We look to Buy a break of 1.1220.
  • Price action is forming a bullish flag which has a bias to break to the upside.
  • Price action has posted a bullish Engulfing Candle and is positive for short-term sentiment.
  • Further upside is expected, however, due to the strong resistance above we prefer to buy a break of 1.1220, which will confirm the bullish sentiment.

Target 1 at 1.1280.
Target 2 at 1.1340.
Stop loss at 1.1185.

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