We are looking for a Bullish move here on the H4 charts. Last week I offered a scenario that if price either reached the H4 trend line we would look to attack or if price broke above 1.2113 and retraced we would look to attack both for long opportunities. Well it looks like price is retracing the trend line and if price holds here this will be our bullish signal. We have RSI playing around the 50 and a possible hammer formation. Our targets will remain the same which were 1.24 and 1.25. This trade will be for the long term. I don't see this pair going any lower than 1.20 as this is the maximum low that the Swiss Bank will allow for this pair.

EURCHF

EURCHF trade setup 2012.02.13

EUR/CHF Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.2061
1.2072
1.2080
1.2091
1.2099
1.2110
1.2118

 Fibonacci
1.2072
1.2080
1.2084
1.2091
1.2099
1.2103
1.2110

 Camarilla
1.2082
1.2084
1.2085
1.2091
1.2089
1.2090
1.2092

 Woodie's
-
1.2071
1.2078
1.2090
1.2096
1.2109
-

 DeMark's
-
-
1.2095
1.2089
1.2076
-
-