Bullish on Swiss Franc: Elliott Wave Count - $CHF $SXYThe franc may find support at the existing bottom trendline this week. If the bullish rebound is corrective, we would have confirmation of a potential triangle and look for shorts near the top. For now, I'll be eyeing bullish breakouts from the parallel channel created last week.
Franc
USDCHF @ worst major cross-rate (of 21 pairs) last 52nd week `16Take care
& analyzed it again
- it`s always your decision ...
(for a bigger picture zoom the chart)
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
7 Currencies (52th Week Statistics) @ drive.google.com
Best regards
Aaron
USDCHF @ worst major cross-rate (of 21 pairs) last 52nd week `16Take care
& analyzed it again
- it`s always your decision ...
(for a bigger picture zoom the chart)
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
21 Cross-Rates (52th Week Statistics) @ drive.google.com
Best regards
Aaron
Aud/Chf: Bearish SetupWith price currently at Support/Resistance "0.7275 - 0.7300' and potentially a bearish pin bar forming 'Daily" we could see price break out of this area creating new lows.
To confirm this move i would like to see a retest and relevant price action as a signal to eventually execute a sell order.
Watching GBPUSD to regain bearish momentumWe will be watching to see if GBPUSD can regain its bearish momentum before the Fed announces interest rates on Wed. Although the street does not anticipate any move by the Fed, they may give a hawkish tone and if so that should add fuel to the short side.
With that said we will be looking for a close below the short-term trendline on the hourly chart along with confluence from our price prediction algorithm. If we can get that setup prior to the Feds announcement we will be taking GBPUSD short while correlating it with GBPCHF to give us protection.
EURJPY Could Breakdown TonightEURJPY could breakdown tonight with a close below our short-term uptrend line. If we get that close in conjunction with our proprietary price forecasting algorithm we will be taking EURJPY short along with a Long position in CHFJPY which will provide a correlation opportunity.
By correlating EURJPY with CHFJPY we will be greatly reducing our directional risk while providing us an opportunity to profit in many different ways, even if our EURJPY call is incorrect.
More information at www.unique4xpro.com
EURCHF At Key Technical Level Prior to ECB MeetingThe Swiss franc has seen some action as traders move in and out of safe-haven assets, no matter what the Swiss National Bank implements (franc futures has a .82 correlation with gold).
With the ECB hinting that more quantitative easing is possible ahead of the rate decision March 10, the SNB may feel obliged to intervene to stop any significant appreciation in the franc. Thomas Jordan, Governor of the SNB, has said that negative interest rates have their limit; so, probable line if action would be a direct FX intervention.
Traders are not pricing in any significant change in monetary policy from the ECB, so that may cause the EURCHF to rebound from its oversold, intraday position.
Price action is stagnating within a demand zone, and minor upside potential to 1.0935 and 1.0960 is seen leading into March. However, I don't foresee the SNB doing anything drastic (which may be highly dependent on the lengths the ECB is willing to go).
I expect future near-term CHF strength, causing price action to test the bottom of the demand zone. If this breaks, expect the pair to trade lower to 1.0860.
If the risk environment worsens, gold could trigger more safe-haven demand pushing EURCHF to 1.0830.
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Update status
USDCHF 0.9670 to 0.9970USDCHF on 4H timeframe has tested the crossing of descending violet trendline from 11.Aug high and ascending yellow line from 18.Jun low.
Rebound from the mentioned level indicates possible mid-term long trade targeting 0.9970-1.0000. First target is set below Dec'15 low at 0.9770.
Entry point is exacted with intraday trendline on 15M timeframe. Stop-loss set at 0.9620.
Previous GBPCHF Short SetupAs promised here is the previous short setup for GBPCHF which included the Fibonacci Price level and the Fibonacci Time zone. As you can see this price & time action presented a perfect opportunity.
We will be watching GBPCHF to form a similar setup during the first week of March 2016 if the low set on 02/11/2016 holds.