EUR/CHF: Eyeing .9400 as bullish setups emergeEuro / Swiss FrancFOREXCOM:EURCHFFOREXcomThursday’s bullish engulfing candle has seen EUR/CHF push back above the key 50DMA, a level that has consistently offered support and resistance over recent months with very few false breakouts. With the pair now testing horizontal resistance at .9363, a potential break of the downtrend it’s been sitting in since August 18 may be on the cards. There are several bullish setups for traders to consider depending on desired risk-reward. Possible entry levels include around these levels or above the August 18 downtrend, allowing for a stop to be placed beneath the 50DMA for protection against reversal. .9400 screens as an initial target given it provided support and resistance earlier this month. The 200DMA is located in between but, unlike its 50-day equivalent, the price often trades straight through it like it isn’t there. It’s therefore a level of note rather than anything else. A successful break above .9400 would open the door for a potential retest of the August 18 highs. Momentum indicators are providing a neutral signal overall, putting greater emphasis on price action for directional cues. Good luck! DS