Important confluence area being entered with a large gap to the down side
We got a lovely rejection wick off the daily on Friday and it beautifully bounced off the 200dma and a falling trend line. Great bit of confluence. Stops above that wick and shoot for a 50% retrace on that type of move the 50 back gives us a RR ratio of 3.5-1. Might even get down to previous lows if wanted to stretch for longer targets but don't be greedy.
USDCHF Long
Hello, it looks like we have finished the abc correction after a stong impulse upside in wave A. The wave c in abc correction was 5 wave impulse with an ending diagonal in wave 5 of 5 of 5. We already have a strong upmove in place. Buy on dips seems to be a good trade as Risk/Reward > 4. Target 0.9920 (C=A). Stop 0.9583 (below current impulse)
On the Swissy hourly time frame, we've noticed a potential bearish Bat pattern is forming. X-A leg is clearly delineated completing down at .95860's followed by A-B retracing approx. 55%. B-C retraces just touching the 78.6%. Prospective C-D 88.6% retracement completion around .97450's
Bullish bat pattern developing on Swissy. We have the (X-A) leg completing at .97728, followed by the (A-B) leg retracing 57%. (B-C) then retraces 96% to .97657, but as you can clearly see it does not violate our (X-A) leg high, so we are still in play. (C-D) leg's 88.6% potential completion comes in at .94760's above a notable level of structure.
Whether we like it or not we're playing the game of the banks. It's their market and they'll do whatever they can to make the most out of it, so what a better way to play the game other than riding the waves with them? :) . After all if I'm not mistaken 10 of the major banks of the world control well over 50% of the total volume traded in FX so you better be on...
Short on the EUR CHF pair. EURCHF looks like it will be turning from the resistance line and head down towards the gap. We've also shown rejection at the resistance with a lower high, so I will aim for a lower low around .1618 of the first wave. Nice crossover on the daily stoch. If it hits the stop loss, then everything will be invalid. Good RR ratio.
EURCHF We can see price is forming a falling wedge on this pair. Swiss PPI and Monetary Projections tomorrow will show clear direction.
EURCHF This channel is holding for two days perfectly , possible bounce .
USDCHF is testing an important zone which has served as support in september october and november in 2016. Now after price made a double top and broke the channel is headed down to this zone. I will wait for more bearish confirmation so keep an eye on this zone!
Double top at daily resistance following divergence. Targeting a 1.272 Fib extension.
i find 2 wolve waves in Aussie/Swissy 3H chart . It's time for short!!!
In term out momentum, this pair is BULLISH for sure. It is all because of USD bullishness, and little to do with CHF for this instance. You need to watch out 0.992x levels carefully as it will post as resistant too and that levels needs to get broken strongly. Trade Safe s0nic
Nice Swing back we had on USD/CHF and now it is sitting pretty at lat month's high area of 0.986. I am standing with SLIGHT BULL as long as 0.986 is holding.. Another place of BULL await is 0.98 area.. Trade Safe s0nic
A pullback on #USDCHF to the .9850 area while RSI holds the 50 area would make me a short term buyer with a target of 1.000. A move to 1.00 with continued RSI divergence and I would be a longer term seller. Note the descending triangle in the RSI.
USDCHF broke out of downtrend and targets 0.995.
The Swissy has broken out of consolidation, finishing Tuesday above wedge resistance. Pair had been trading sideways since February and bulls will be looking to capitalize on this development, pushing the pair higher over the coming days. Initial resistance is a zone stretching from 9920 - 9960, with a break above there targeting parity and the 1.0040 - 1.0095...