By: Doug Rosen
The new week for the Swissy kicks off with price bouncing off the 5 ema to the upside. Price however is closely approaching the 55 ema which will surely add a bit of downside pressure. There is no question we are in a fight zone since price is currently in a fib zone between the 50.0 and 38.2 fib levels and the stochastics is in the overbought zone.
Moving on to the daily chart it is obvious that price is heading up since the 50.0 fib level it recently bounced off from. Price is above the 233 ema and the 5 appears to be crossing above the 13 and 21 whilst the stochastics is in the trade zone and pointing up.
Moving on to the 4 hour time frame price is currently up against the 50.0 fib level of the previous swing down. I have a feeling price will break through that fib level and head to the next higher level, the 61.8. The 5 ema is trailing just under 4 hour price action and the upper Bollinger band is wide open and pointing up. The stochastics is in the overbought zone but price still continues to look very bullish to me.
Moving on to the hourly timeframe price continues to ride the 5 ema and the upper Bollinger band is wide open pointing up as well. The next area I see resistance at is the weekly R2 at 0.8985 and if that gets busted the next area will be the weekly M5 at 0.9026.
