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 pair has broken its bearish momentum at least in the short-term, as we see the RSI break above 60, and now threatening to reach 70 and above.
- That would reflect a meaningful correction. This comes after a break below 0.93, which means this is going to be treated as a pullback. This pullback should continue higher, as long as it remains above a near-term pivot at 0.9290.
- This pullback is in the context of a strong bearish attempt towards 0.89 if it remains below 0.94. There is still upside towards 0.9450 as well. A break above that weakens the bearish scenario, and reflects ranging scenario in the intermediate term, and the crack below 0.93 would just be a clear-out. Upside would open to 0.96, 0.9770 area.
- The 4H chart shows further upside potential towards 0.95-0.9560 zone. But such a sharp retracement would suggest ranging action as opposed to bearish action. We might still get a decline from 0.95 or 0.9560, but from there, the 0.89 target should be shelved. On the other hand, respect of 0.94 shows that bears are dominant and strengthens the case to 0.89.
- The daily chart shows different projections that would point towards 0.89 (below the chart, not shown).
Will the USD/CHF confirm its bearish intent? We would love to hear what you think.
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