Hi traders, let's start the day with USDCHF.
USDCHF unfolded a nice five-wave rally up from 0.971 level, which we labelled as wave 1 that is part of a bigger, five-wave cycle. The drop that followed from the 0.999 level can now be labelled as leg a, first wave that is part of a higher degree correction, which can as a whole (wave 2) look for support near the...
When checking the D1 and W1 time frame I can see an ascending triangle pattern formed, equal highs but more specifically higher lows = bullish market structure
Price may fall lower down to the trend line BUT IF price prints a buy signal on the yellow bar (50 and 61.8 fibo levels for recent bullish move, although small) I will look to buy
My level of interest to...
Although we are seeing a long-term rising wedge form, the fruition of a downturn at the end of the wedge is still some months into the future. In all liklihood, we still see a bit of an upward movement given how overcrowded the short trade is according to the bull bear oscillator. A trading week is five days which is why I used 5 day RSI to highlight how poorly...
By Andria Pichidi - February 12, 2019
Swiss under-performance continues following yesterday’s sudden short-lived drop, which might have been caused by the lack of liquidity. Today’s collapse however has come from US Dollar demand.
News that US lawmakers have reached an “agreement in principle” on border security that would avert another government shutdown at...
I have to credit user BenWright21 with this idea:
Currently, the daily time frame is in the midst of a H & S pattern and has seen nice follow through the .718 level. If price continues to climb, the .7325 zone is the level to watch for a pull back. Not only do we have a sizable gap...
Price double topped at 0.9955
The pair is now trading back below support
There is a clear supply zone as 0.9846
A break below this and the first fib retracement will suggest further moves to the downside.
Price has broken out of its bearish channel.
Price has now come back for a re-test and found support.
Price should start to edge higher, and once we have cleared the 50% retracement, i would expect price to move more quickly.
The bearish daily trendline has finally been broken and re-tested.
This pair has found clear support and is off to the races.
I have placed my stop behind a clear demand zone.
Looking for a push higher to the next clear resistance area which stops just after 50% retracement.
USDCHF has been stop hunting over the last two weeks.
We have had a false break below, and now we are trading above the 4hr descending wedge.
Given the re-test and bullish confirmation, and the amount of room above to move, I am happy to take a long position.
I will be monitoring the Ichimoku support levels and the Fib retracement points.
Trade War tension is heating up again which prompted me to look at USDCHF.
The 1 hour chart showed a clear structure, which has now broken and re-tested.
The next technical zone which we can use as support is the supply and demand zone at 0.9442
Momentum is on our side.
Quite clear inverse H&S pattern forming here. Best R/R is to go take longs especially if look at the Daily and Weekly timeframes. Heavily oversold and CHF futures are somewhat stretched and primed to be sold off any time now. I'll be looking to add to my long positions on this pair.
Two possibilities here on the larger timeframe for this pair. With SNB and FOMC on tap, we'll have a clearer picture for the next major direction on this pair. Until then, stick with lower time frames and keep stop losses tight.
GC GBP/CHF is very overbought as you can see in my MACZ-Vwap, DeMarker, CCI, momo Stoch, momo squeeze and RSI-EMA etc. it's for the pair going back to it's original bands and stop stretching itself.
- price has breached 38 fib
- and two important trend-lines(blue and purple)
- swiss marcos: KOF is okay, other CPI's due out on the 4th
- Interesting price action, as this is seen as a risk haven.
- Perhaps its SNBN taking profit on its Microsoft and the like, positions. Who knows but SNBN price looks like a bitcoin chart!
- Will look to play this CHF theme,...
Price broke to the downside with confirmation of a re-test.
Following a sharp bearish run, price has pulled back, and another short opportunity has presented itself.
We had a clean break on the 1hour chat indicated by the blue square box.
Momentum is on our side now and we are looking for the market to reach its next support level.