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Usdchftrading

USDCHF: Potential rejection on the 1W MA100.USDCHF is bullish on its 1D technical outlook (RSI = 64.705, MACD = 0.007, ADX = 41.714) but only just came out of neutrality on 1W (RSI = 58.054) despite the fact that it reached the 1W MA100 last week. Since February 2023, the 1W MA100 has been the first level of Resistance, so taking a short now is completely justified technically. The final Resistance thus short entry for us is the 1W MA200, which hasn't closed a candle over it in 2 years. Now that happens to be at the top of the Rectangle (body candles closings only). Either way, we are targeting the Rectangle's bottom (TP = 0.84100). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
USDCHF: Channel Down continuation.USDCHF is bearish on its 1D technical outlook (RSI = 39.352, MACD = 0.004, ADX = 28.323) as despite the one month consolidaiton since Aug 27th, it is still inside a Channel Down long term. Technically as it approaches the top even sideways, it should start the new bearish wave. The one prior to that hit the 2.0 Fibonacci level. We expect a similar LL to be priced (TP = 0.8100). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
USDCHF: Borderline but still bullish on 1D.USDCHF is borderline bullish on its 1D technical outlook (RSI = 57.216, MACD = 0.002, ADX = 24.748) but still inside the 2024 Channel Up. As long as the 1D MA50 supports, we will stay bullish along with the trend, especially since the 1D MACD formed another Bullish Cross. Despite the presence of the R1 level, the bullish waves of the Channel Up have been clear and dominant. The current one targets the R2 level but we pursue a more modest target (TP = 0.9300). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
USDCHF: Overbought and at the top of the Channel Down.USDCHF is overbought on the 1D technical outlook (RSI = 74.650, MACD = 0.007, ADX = 47.655) as it hit the top of the yearly Channel Down. That is exactly on the 0.786 Fibonacci retracement level, where the LH prior was always priced, also after an approximately +8.50% rise. The 1D RSI is making a reversal inside the overbought zone and we are about to form a 1D Golden Cross, which last time emerged after the LH was made. This is a strong bearish signal combination. First we are targeting the 0.618 Fibonacci (TP1 = 0.8600) and if by then the price remains under the 1D MA50, we will extend selling to the bottom of the Channel Down (TP2 = 0.82500) going the full -9.40% distance. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
1
USDCHF: Bullish extension on the 1D timeframe.USDCHF is technically bullish on the 1D timeframe (RSI = 60.467, MACD = 0.001, ADX = 44.050) as it has made a Channel Down bottom on December 29th 2023 and has since rebounded over the 1D MA50. Technically it is still halfway through the new bullish wave that should extend over the 1D MA200 at around +8.18% from the bottom. That falls a little under the 0.786 Fibonacci level and that's what we will use as target (TP = 0.9000). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
USDCHF: Turned bullish again.USDCHF is technically bearish on the 1D outlook (RSI = 38.319, MACD = -0.005, ADX = 47.617) and the long term pattern remains a Channel Down but the 1D MACD has formed a Bullish Cross. Since August 2022, 3 out of 4 such formations under 0.000 have initiated strong rises. Consequently, at least on the medium term, we regard this formation more dominant than the Channel Down. We can see a Channel Up emerging but in order for that to be sustainable, the Channel Down's top needs to break. Thus, we are only going to target its top (TP = 0.8950). This trade gets invalidated if the price crosses under the bottom of the Channel Up (short then TP = 0.8555). See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
2
USDCHF: On the verge of a breakout.USDCHF is trading on and under the 1D MA50 after the rejection on the 1D MA100 which also happened to be the top of the 1D Channel Down. The 1D technicals are neutral (RSI = 50.625, MACD = 0.000, ADX = 19.636) which indicates that the price will most likely commit to the direction of the next breakout. If it closes under the HL line, sell and target the 1.5 Fibonacci level (TP = 0.86550). If the candle closes over the 1D MA100 (hasn't done so since November 10th 2022), buy and target the 1D MA100 (TP = 0.92150). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
by InvestingScope
2
USDCHF: Trading on the support. Analysis ahead of weekly news.This is a break down analysis of USDCHF ahead of this week's U.S. (ISM Manufacturing PMI, ADP Employment Change, ISM Non-Manufacturing PMI) and Swiss (Consumer Confidence) data. Fundamental Analysis: - Long term strategists such as Karen Jones (Head of Technical Analysis Research at Commerzbank) turn "attention on the 0.961 January low, failure here will target the September 2018 low at 0.9543". - The week starts off with the U.S. ISM Manufacturing PMI: if actual < forecast then the trend has 77.80% chance to go lower in the next 12 hours. If actual > forecast then the trend has 100% chance to go higher in the next 12 hours. - If the Swiss Consumer Confidence gives actual < forecast then the trend has 66.70% chance to go higher in the next 12 hours. If actual > forecast then the trend has 75% chance to go lower in the next 12 hours. - If the U.S. ADP Employment Change gives actual < forecast then the trend has 83.30% chance to go higher in the next 48 hours. If actual > forecast then the trend has 66.70% chance to go higher in the next 12 hours. - If the U.S. ISM Non-Manufacturing PMI gives actual < forecast then the trend has 71.40% chance to go higher in the next 48 hours. If actual > forecast then the trend has 80% chance to go higher in the next 12 and 48 hours. Technical Analysis: - The Resistance is set within 0.9765 - 0.9745 and the Support within 0.9625 - 0.9610. - The MA50 can be the first short term Resistance level. - The RSI is on a 15 day Support level. - The MACD hasn't yet rolled over to bullish but is close to the 15 day Support level. The above mix indicates that the pair has fundamentally slightly more chances to reverse higher on the medium term as there are more probabilities for a bullish move after the news release. However depending on the outcome of the reports, traders should act accordingly. Technically with the price at to top of the Support Zone and both the RSI and MACD on/near a 15 day Support level, there are again more probabilities for a rebound. In our view, traders can wait for the MACD to turn bullish (cross) and target the Resistance Zone. If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
Long
by UnknownUnicorn3931771