Short position
5 point on bearish trend line (discounting false break from interest rate volatility)
False break did set up a head and shoulders pattern
Short term trade as my medium/long term view still north.
Any break above the 13 year resistance line, and it'd be very hard to predict where the rally will end.
In any case, I'd expect the price to hit the resistance areas, consolidate and continue up as Jordan considers a response to increased ECB action. I expect that he will deepen negative interest rates to ward off EUR/CHF depreciation. The Swiss economy is...
Well currently price is overbought in daily chart of USD/CHF. So, i think price is going to move towards 61.8 Fib ratio first, before we see a pullback on Wednesday during Fed fund rate+Fomc statement
Buy @ 0.9530
SL @ 0.9300
TP @ 0.9700
As Swiss franc is exposed to events in Europe (high correlation to EUR) plus negative interest rate that will likely increase, ie becoming more expensive to store funds in CHF, Swiss banks will likely become less and less of a safe haven as other currencies become more attractive or even perhaps Gold. Also, don't forget with new tax and bank secrecy laws,...
After rising relentlessly for 5 consecutive days, Dollar bulls faced stiff resistance today. The negative divergence in RSI has been indicative of an impending short term reversal which would push the prices back into the channel and this materialized today.
Now the price is sitting on the lower boundary of the channel and a strong support zone. If the bulls...
A bounce from the descending trend line and a counter trend line break could lead price action down to the highlighted zone. Fibonacci confluence with structure. This target zone is also fluent with a 38.2% retracement of the May-Oct (Daily TF) uptrend.
