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Euro Swiss Technical Review

Last updated 3/26/2009 2:32 PM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

Unfortunately, pattern development has been relatively thin as of late so not much new to report I'm afraid. . Our apologies for the lack of variety this week as the EUR/CHF has been the focus of this week's technical features, but stay tuned because the good news is that after a quite spell like this we tend to see an influx of new pattern setups.

That said, we'll keep this short and sweet. Our recent EUR/CHF buy at 1.5193 has hit both targets--1.5249 (T1) and 1.5295 (T2)--and has now been closed locking in just over 100 pips of profit. However, 1.52 may prove to be a more significant level of support as there seems to be some life left to the upside.

The 15min chart shows a recent completed intraday bullish Gartley near 1.525 on an AB=CD pattern completing at 50% of XA although there is still room down to the 127.2% ABCD extension pattern completion at 1.5241 as well as the 161.8% ABCD extension pattern completion at 1.5227. Both extension patterns are projected to complete at 61.8% and 78.6% of XA still giving us valid bullish Gartleys. Risk remains just below the 1.52 handle, which doesn't make for a great risk/reward ratio, so this type of situation may present an opportunity to scale into a new long position.

We're in no hurry to give back any EUR/CHF profits, so we'll sit this one out for now. 

EUR/CHF long has been closed upon reaching both profit targets...">
1hr Chart - This weeks EUR/CHF long has been closed upon reaching both profit targets...	15min Chart - Another bullish Gartley is setting up to complete

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