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 is bearish in the short-term and might be forming a channel in the decline. It has respected the 0.94 area so far.
- In the 1H chart, we see the rally about to test the 0.9500 area, channel resistance, and previous support. It would also be just above the 61.8% retracement level.
- The RSI is higher but the price would be lower that the previous high, which was at 0.9540. A break above 0.9550 is an early warning that the bearish scenario has trouble, but the bullish continuation scenario is put aside, until the market can break above 0.96.
- Currently a bearish swing projection targets 0.9360.
The bearish scenario also continues towards 0.93 in the short-term.
Will the USD/CHF hammer at the 0.93 support area? We would love to hear what you think.