USDCHF: Daily Close Above 0.9800 Needed to Extend Gains
There are two key levels I’m keeping an eye on at the moment. The first is the horizontal level at 0.9770. The area has capped every advance since the pair closed below it on May 19th.
It’s also the 38.2% Fibonacci retracement when measuring from the December 2016 high to the current 2017 low.
The second level of interest is the trend line that extends from the current 2017 high at 1.0334. Because this trend line begins at such a prominent high, chances are it will become a factor if tested.
I’m going to stay on the sideline for now. A daily close above the 0.9800 area followed by bullish price action during the retest could make for an attractive setup. Alternatively, a close below range support at 0.9435 would shift my focus lower.
Source: bit.ly/2xFFxqV
It’s also the 38.2% Fibonacci retracement when measuring from the December 2016 high to the current 2017 low.
The second level of interest is the trend line that extends from the current 2017 high at 1.0334. Because this trend line begins at such a prominent high, chances are it will become a factor if tested.
I’m going to stay on the sideline for now. A daily close above the 0.9800 area followed by bullish price action during the retest could make for an attractive setup. Alternatively, a close below range support at 0.9435 would shift my focus lower.
Source: bit.ly/2xFFxqV