EURCHF broke above the 1D MA50. Bullish signal.

19 Sep 2023

The EURCHF pair broke above the 1D MA50 (blue trend-line) and closed yesterday's 1D candle exactly on it. This is the first bullish signal we encounter since the June 12 1D MA50 break-out. The long-term pattern is a Channel Down but since July 27, the price has been holding the 0.952250 level (Support 1) as well as the 0.96510 (Resistance 1).

As a result, we have the opportunity for a short-term buy if a 1D candle closes above the 1D MA50. Our target will be Resistance 1 (0.965100), which is also where contact with the 1D MA100 (green trend-line) is expected to be made. The 1D MA100 has been the target during the previous Lower High formation (June 22 2023).

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