USDCHF at major resistance

7 April, 2017

Sell below 0.9991. Stop loss at 1.0040. Take profit at 0.9923.

Reason for the trading strategy (technically):

Price is now testing major resistance at 1.0068 (horizontal pullback resistance, Fibonacci retracement, bearish divergence) and we expect a drop to at least 0.9973 support (Fibonacci retracement, bearish divergence potential).

Stochastic (34,5,3) is seeing strong resistance below the 91% level and bearish divergence vs price signalling a major reversal is impending.

Reason for the trading strategy (fundamentally):

The major news item driving USD today is the Nonfarm Payrolls. The Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Arguments in favour of stronger payrolls include challenger reporting significantly smaller rise in layoffs, ADP reports 263K vs 245K, ISM manufacturing employment strongest since November 2013, rise in University of Michigan Consumer Sentiment Index and Conference Board Consumer Confidence Index hits 17 year high. Overall, we should expect a strong USD and since this is against our bearish USDCHF view, it is best to exercise caution on this trade.


Source link   Presented by Exness

USD/CHF after the breakdown

Last week USD/CHF broke below the uptrend support line of 2018. It's now providing resistance for the price at 0.9965. Another obstacle on the upside is...

USDCHF profit target reached perfectly

Price has shot down perfectly from our selling level and reached our profit targets. We prepare to buy above major support at 0.9598 (Fibonacci retracement...

USDCHF approaching major resistance

Price has reached our profit target perfectly from Monday. We prepare to sell below major resistance at 0.9770 (Fibonacci extension, horizontal swing...


USDCHF dropping perfectly

Price has started to drop really nicely from our selling area and we remain bearish for a further drop below 0.9735 resistance...

USDCHF testing major resistance

Sell below 0.9956. Stop loss at 0.9975. Take profit at 0.9896. Stochastic (34,5,3) is seeing descending resistance...

Dollar/Swissie Eyes Parity

USD/CHF is eyeing a break back below parity and if this is seen, look for the 200 day...


USDCHF look to buy on strong support

Reason for the trading strategy (technically): Price continues to test major support at 0.9925 (Fibonacci retracement...

USDCHF profit target reached, time to start buying

Price dropped once again perfectly as expected and reached our profit target. We now turn bullish above 1.0071 support (Fibonacci retracement, horizontal support) for a push up to 1.0124 resistance (Fibonacci retracement, horizontal overlap resistance)...

USDCHF profit target reached, time to turn bearish

Price has bounced up perfectly as expected yesterday and has reached our profit target. We turn bearish closing off our profitable bullish position because of the changing elements...

  


Share it on:   or