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 looks bullish since rallying at the start of the year. The market has yet to reach the projection from our previous USD/CHF post, but we are seeing the rally develop, though at the moment, there is a corrective decline.
There was a retracement in January after the initial surge, but the rally has picked up again in February.
- The 4H chart shows the market recently breaking above important resistance levels (200SMA, declining trendline, 0.96 pivot), as the RSI confirms the bullish breakout, going above 70.
- The 1H chart shows the rally closely, which is within a channel.
- I suspect there could be another corrective wave towards 0.9570 before the bullish continuation.
- The daily chart below shows the bullish scenario to 0.98 area. We know in the very short-term view that the recent highs were near 0.9780. A break from this pivot targets the parity, 1.0 area or maybe even a bit higher.
Will the USD/CHF return to Parity? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist