Hi Traders! EURCHF forecast and technical analysis post is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. As we do in every technical analysis post we are going to perform the multi-timeframe technical analysis on this pair in order to find possible trading opportunities. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! Let’s start our analysis now from the highest timeframe which will be the daily chart here.
EURCHF D1(Daily) Chart Analysis – Bullish Trend Pattern, Range
On the daily chart the price which was moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening in the form of a range. This range is formed by the highs and lows reaching parallel support and resistance zones. The price which is moving inside this range has reached the bottom of it, respected and is bouncing higher. Until the bottom of this range holds my view remains bullish here and I expect the price to move higher further. We may now move down to lower timeframe and see if we can find evidences supporting this bullish view.
EURCHF H1(1 Hour) Chart Analysis – Heikin Ashi Candles, Bullish Trend Pattern, Strong Support Zones
On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment.
Also the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening, also we have two strong support zones that has formed. Until both these strong support zones hold my view remains bullish here and I expect the price to move higher further.
Technical Analysis & Forecast Summary
EURCHF D1(Daily) Chart Analysis
- Bullish Trend Pattern, Range
EURCHF H1(1 Hour) Chart Analysis
- Heikin Ashi Candles, Bullish Trend Pattern, Strong Support Zones
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