Friday, August 21, 2015

New EUR/CHF Signal

This pair is forming a very solid ABCD pattern as point C was put in place very decisively.  The chart is showing the ABCD pattern overlaid with a Fibonacci Extension.  Our projection is for this pair to make a run towards the 61.8% to 76.4% Fib extensions but we wouldn't be surprised if it made a run to the 100% level as the pullback was shallow.  Pullbacks that do not retrace the entire 61.8% show that buyers are eager to resume the uptrend.  As you can see the C retracement was only 56.9%.  As long as the bulls stay in the Euro camp our projection could be met but as we all know the Euro has been in a long-term bear trend.

Set your stops just below point A, we will be willing to risk down to the 1.06900 level as our algorithm is calculating 90% odds of a run higher on the daily chart.

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