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Resistance moves to .9253 initially, then .9290. Above looks to .9300/10, with .9400/16 ideally capping to keep the immediate bias lower.
USDCHF trading journal
The possible move up could even surprise; I suggest therefore avoiding shorts for now if not above 0,9400.
Resistance moves to .9253 initially, then .9290. Above looks to .9300/10, with .9400/16 ideally capping to keep the immediate bias lower.
Above the market lies the cloud offering resistance at .9380 and the downtrend also at .9380 and this is acting as an effective ceiling for the market.
The indicators of the daily chart turned above the line for now and also those of the s/t charts are positive supporting further strength. The rally found however good resistance at the resistance line, 0,9386, coming down from the s/t top at 1,0130.
I believe that a break above the recent high of course is a buying opportunity, and that the market would reach towards the 0.98 level at that juncture. That is an area that shows a bit of resistance on the chart, but the real resistance is probably closer to the parity level, which is our longer-term target.
The pair have been down and after some pullbacks, the pair might turn around.
The USD/CHF pair initially fell during the course of the week, but bounced off of the 0.95 level in order to form a nice-looking hammer. The market should continue to find buyers though, because quite frankly the Swiss National Bank has been working against the value of the Swiss franc itself.
The USD/CHF pair fell pretty significantly during the session on Monday, but found support again at the 0.95 handle. With this, the market looks as if it is ready to go higher given enough time though, as the Swiss franc has been sold off rather significantly during the session in general.
I think the market continues to bounce around the 0.96 level, going back and forth as short-term traders continue to push and pull this market. However, I believe ultimately this market goes much higher, especially considering that the Swiss National Bank has been working against the value of the Swiss franc itself, and as a result I believe ultimately this is a longer-term move higher.
The USD/CHF pair went back and forth during the course of the week, but the one thing that he did do was clear the 0.96 level. With that, we feel the buyers are going to continue to pushes market higher, probably heading towards the 0.98 handle given enough time.
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