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
Previous Post on USD/CHF (1/24): Swissie Strength Lifts CHF/JPY and Pressures USD/CHF
- The USD/CHF was projected to 0.9430 earlier in the week, and the market has consolidated since hitting this target.
- The 1H chart shows the RSI dip below 30, and has since produced a bullish divergence.
- Following the bullish divergence and the minor correction rally, we have a negative reversal signal (higher RSI high, lower price high).
- The market is also respecting the 50SMA in this 1H chart, as well as the previous consolidation support area (now tested as resistance at 0.9450.
- The bearish swing projection targets 0.9350.That is, if the market can close below 0.94 in the 1H chart.
- The daily chart below shows the bearish targets at 0.93, 0.92 and a swing projection (also based on a negative reversal) to 0.89.
- The 4H chart shows the setup from earlier in the week, as well as the current 0.94 (78.6% retracement) support.
Is the USD/CHF going to find support at 0.93, the 2010 low? We would love to hear from you.
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Fan Yang CMT
Chief Technical Strategist