EUR/CHF Approaching HFT Buy Area!
Our preference: the downside prevails as long as 1.1163 is resistance.
Alternative scenario: above 1.1163, look for 1.1182 and 1.1193.
We are analyzing the activity of HFT algorithms in the Forex market today and noticed that the EURCHF
currency pair is moving toward the light HFT buying pressure zone that is noted at 1.1174 and below.
The prior lows in the 1.1175 area were formed yesterday when the bearish attempt was rejected.
EURCHF is retesting this area today again, though so far no bullish signal is formed here.
The Improved CCI indicator is showing the trend to be bearish, but the overbought/oversold indicator is showing the
EURCHF 1-hour timeframe is entering the oversold territory.
A bullish pattern or signal now would provide confirmation that the support and the light HFT buying pressure
zone here will attract enough buyers to lift the pair higher.
In such a case, the light HFT selling pressure zone, noted at 1.1215 and above, will be an interesting target.