By: Doug Rosen
The daily timeframe for the Swissy is looking very interesting to me. Price has been perfectly riding up the 5 ema barely even piercing below it and the 5 ema has nice angle and separation from the 13 ema.
Adding a wide open upper Bollinger and a stochastics that is in overbought but still sharply pointing up you have all the indications of a bullish market for the Swissy.
One thing that cannot be ignored however is that there will be heavy resistance at .9314 which was the previous high and this level has been respected in the past as resistance and has even acted as support. For sure there will be a reaction at that level. More than likely price will bounce off that level and fall down a bit or it could even reverse, that I cannot predict but if price breaks that level then this pair should be up for a decent uptrend.
On the 4 hour timeframe price has been riding the ema's upside and price has broken above the R1 monthly pivot with a stochastic at the top of the trade zone possible making an cross upside, very bullish indication because it means price does not want to fall.
On the hourly timeframe I can see that price headed up and touched the weekly M4 reversal pivot at .9227 and pushed price down to a fib level overlapped with the 55 ema at .9180 then bounced back up.
Price has recently touched the daily central pivot at .9201 and was rejected. I think a break above the central pivot point for this pair could send it on its way up .9235 but will have a bit of a struggle at the weekly M4 at .9227 and if it breaks both levels we should see an up day for the Swissy.