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 Swiss Franc is gaining today, sharply against the USD.The market rallied from 0.9520 (50% retracement) in a pullback after the a possible head and shoulder. The strength was immediately followed by a bearish attempt, which has now completely pared those gains from the 0.9520 rally. A close below 0.9520 in the 1H chart should open up the bearish scenario in the very short-term.
- Now, the market looks slightly bearish, within the context of a corrective decline (after which we should look for a rally).
- The 61.8% retracement level is 0.9480, and the 78.6% retracement level is at 0.9400.
- We also have a swing projection as well as a pattern breakout projection targeting 0.9430 for the current decline. The market should reach these lower levels if it remains below 0.9550.
- Let's see how this decline behaves, and whether we will have to get rid of the bullish anticipation after a test of retracement levels. So far it has been choppy and indicative of a correction.
Will the USD/CHF rally after the current retracement? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist