We have a bearish bias on USDCHF. It is testing its multiple swing high resistance at 0.9954 where a reversal could occur. Stochastic is also testing its resistance.
FXCM
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We have a bullish bias on USDCHF. If it surpasses its resistance at 0.9912, we believe it will rise up further to its resistance at 0.9950. Ichimoku cloud is also showing signs of bullish pressure that contributes to our bias. Here’s our idea!
easyMarkets
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Nice idea on USDCHF. For our set up, we’ve identified key support and resistance levels. The 1st support that we have identified is at 0.9862 has is a horizontal overlap support and 23.6% Fibonacci retracement. Stochastic is bouncing off its support where a corresponding rise in price could occur. Our major resistance level is found at 1.006 (which consists of a horizontal swing high resistance, 61.8% Fibonacci extension and a 76.4% Fibonacci retracement) is slightly higher than the double top you found at 0.9956.
Please have a look at our idea and we would like to hear your thoughts.