Technical Analysis – EURCHF Forecast

Technical Analysis - EURCHF Forecast

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 Convergence, ADX Indicator, No Opposite Signs

On the daily chart, we have a bullish divergence that has formed between the first low that has formed at 1.07155 and the second low that has formed at 1.06960 based on the MACD indicator. Then the price moved higher and broke above the high at 1.08399 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. Hence as per the book scenario, after a bullish convergence, we may look for corrections to happen and then further continuation to the upside. Currently it looks like a correction is happening. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bullish pressure. Also, currently there are no signs opposing this bullish view. We may now move down to one timeframe lower and look for evidences supporting this bullish view.
Technical Analysis - EURCHF Forecast


EURCHF H4(4 Hours) Chart Analysis – Heikin Ashi Candles, Bullish Trend Pattern, Strong Support Zones

On the H4 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.
Technical Analysis - EURCHF ForecastAlso, 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 had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones hold my view remains bullish here and I expect the price to move higher further.
Technical Analysis - EURCHF Forecast

Technical Analysis & Forecast Summary

EURCHF D1(Daily) Chart Analysis 

  • Bullish Convergence, ADX Indicator, No Opposite Signs

EURCHF H4(4 Hours) Chart Analysis 

  • Heikin Ashi Candles, Bullish Trend Pattern, Strong Support Zones

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

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Arvinth Akash
Traders Academy Club Team

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