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 (1/26): USD/CHF's Negative Reversal Bearish Targets 0.9350, 0.93
- The USD/CHF still shows the negative reversal signal from yesterday, but the decline has not materialized, and instead, the market has edged out higher highs. The market is still in sideways consolidation after the repeatedly rejecting bearish attempts to break below 0.94 (78.6% retracement) seen in the 4H chart.
- The current consolidation range is between 0.94 and 0.9520. A break above 0.9520 suggests a 120-pip rally, which targets 0.9640, but we know that the 0.96-0.9610 area will be hard to crack as well.
- However, a break above 0.9610 then targets 0.9780 area, and implies the market may have found a major bottom to start the year at 0.93. Above 0.98 area, the parity (1.00) level is in sight.
- This all depends first on a break above 0.9520, which first requires a close in the 4H chart above 0.9470.
- On the downside, a break below 0.9400, opens up the 0.9360 and 0.93 level as targets. A break below 0.93 then resumes up the swing projection towards 0.89 seen in the daily chart.
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Fan Yang CMT
Chief Technical Strategist