USD/CHF - Continues to be Bullish

Doug Rosen

By: Doug Rosen

This pair continues to look extremely bullish to me. It is in a critical area where I would expect it to have resistance since it is between the 38.2 and 50.0 fib levels of the previous move down but is has busted the 38.2 fib level and I expect it to make its way at least to the 50.0 level at around 0.9438 which is still over 200 more pips away.

USD/CHF Daily Chart

On the daily chart price continues to ride the 5 ema to the upside, the upper Bollinger band is open and pointing up, ema's have wide angle and separation between one another, a very bullish indication. Price is currently above the monthly and weekly M3 Pivot Point, continues to ride the 5 ema on both the 4 hour and 1 hour charts with Bollinger Bands wide open and pointing North.

USD/CHF 4 Hour Chart

Looking at the 15 minute chart I see the same type of action, however, on the 15 minute momentum does look like it may slightly be weakening and the 4 hour, 1 hour and 15 minute stochastics happens to be in the overbought zone and this to me is simply a sign that price just may want to retrace back a bit before continuing onward to the upside.

USD/CHF Hourly Chart

On the 4 hour price is slightly outside the Bollinger Band and gapped a small ways from price, I think price ants to connect with the 4 hour 5 then continue its march tot he upside. The theme for this pair is certainly continued USD strength.

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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