Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The USD/CHF rallied today above a declining trendline.
- If upon subsequent throwback, the market remains above 0.9480, the market can extend another rally swing towards the 0.9780 high from the beginning of January. This requires a break above 61.8% Fibonacci retracement level at 0.9610.
- The RSI preferably stays above 50, and needs to definitely stay above 40.
- The daily chart below shows a bullish projection. A 100% swing projection targets 0.9820.
- It also shows that the current break of declining trendlines have not been complete.
- The bullish signal is made in the 4H chart, so now, let's see if this pair can first break 0.9610.
- Then we should be looking at the 0.9780, 0.9820, and then possibly the parity (1.00) level. (The declining resistance that would have been at 0.9900, is not a trendline but a projection of the declining support. If it holds, then it becomes a declining trendline, correctly projected)
Is the bullish momentum breakout a sign of further rallies to come? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist