By: Doug Rosen
The Swissy begins its new week above the the weekly 5 ema. For the last few weeks this pair has been making a series of higher highs and higher lows.
On the daily time frame price continues to stay above the 21 ema. Just as we encountered last week resistance still exists at around .9313 but that is still a hundred pips away and on a thin trading day like today, the day after the Non-Farm Payroll, I am sure price will not make it anywhere near that level, however, nonetheless, this pair still remains bullish.
Price is currently up against the monthly M3 pivot where it is encountering resistance, however, the upper Bollinger band on the 4 hour time frame is opening up to the upside. Price is managing to stay up above the 5 ema.
On the hourly time frame price is staying above the ema's and the upper Bollinger band is wide open and pointing upward. The weekly central pivot is at .9191 which I do expect to hold up as support if price heads down to it and it is overlapped with the 55 and 144 ema's.
Thin market conditions expected today. The Swissy is highly correlated at this time with AUD/USD, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, GOLD & SILVER.