USDCHF Technical Analysis


USDCHF Short Technical Analysis

USDCHF has broken hourly support at 0.9894 (12/07/2016 high) and is close to the strong support at 0.9764 (14/07/2016 reaction low). The short-term technical structure is negative as long as prices remain below the hourly resistance at 0.0.9837 (28/06/2016 high). An initial resistance lies at 0.9800 (intraday high) (USDCHF Technical Analysis).

USDCHF Technical Analysis 1

USDCHF Cypher Pattern Completion

Wednesday’s Fed monetary policy statement was deemed dovish by markets and failed to assist the pair to build on to its break-out momentum above the very important 200-day SMA. Immediately after the announcement, the pair did spike to May highs strong resistance near 0.9950-55 region but reversed quickly and extended its slide on Thursday further below 200-day SMA.

USDCHF Technical Analysis 2

USDCHF Technical Analysis Shark

Weakness back below 50-day SMA support near 0.9775-70 area seems to drag the pair immediately towards 100-day SMA support near 0.9735 region, which if broken would negate possibilities of any further up-move for the pair and turn it vulnerable to extend its slide in the near-term.

USDCHF Technical Analysis Shark

USDCHF Short Bearish

The USDCHF pair bounced slightly during the course of the day on Thursday, using the 0.9763 level as support. At this point in time, the market is looking bearish. The primary trend of USDCHF is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 100 day SMA that are appears on the above image indicating downtrend of the pair. Resistance level 0.9805 Support level 0.9763 If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair. INDICATORS:- MACD is sustaining in its negative territory indicating the bearish trend in the pair. RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair. STRATEGY: USDCHF is looking bearish on charts (USDCHF Technical Analysis).

USDCHF Technical Analysis 4

Investors now turn their attention to the very important release of quarterly GDP growth figures from the US, which if disappoints would pour cold water on expectations of an eventual Fed rate-hike in 2016. However, a surprisingly strong reading would be highly supportive for the greenback and should trigger a sharp short-covering rally in the USDCHF pair.