By: Doug Rosen
Yesterday was an expectedly slow day for this pair due to the Christmas Holiday and of course Monday was a Bank Holiday for most of the world. Yesterday's range was only 33 pips. On the daily timeframe price maintains itself above the 13 and 21 ema's and I believe price will continue to head up today.
On the 4 hour timeframe it is evident that price is heading up since we are getting a series of swings fibs to the upside. I currently have this pair and timeframe in a triangle price trap and a break above .9385 which happens to be the monthly R1 pivot and a retest will surely confirm that price is heading up. At this very moment price is just above the 4 hour 55 ema and I cannot imagine price will fall below it.
Moving on to the hourly timeframe I can see there isn't too much volatility in the market as of yet, however it is still too early for anything to occur just yet. The ema's are all braided together but price is above the hourly 233 ema and add that to the fact that price is above the 4 hour 55 ema price should really just go upside.
Price is currently above the daily central pivot so you can't think anything but up for the Swissy. I am reminding you all once again until you are all used to it that I have provided a table of levels for you all to monitor. We will called it Doug's Matrix appropriately since it is of my own design and my name is Doug. It is simply a table that displays every pivot point from the monthly all the way down to the 15 minute, however, by the time you view it the 15 minute and hourly data will already be expired but I do recommend keeping an eye on all the other levels. In addition to the Pivot Point levels I have provided the Fib retracements and extensions of the previous candles also over the monthly to 15 minute timeframes but the same thing applies, pay attention mostly to the monthly to the 4 hour since the hourly and 15 minute will be expired. The 4 hour pivot and fib levels are good until 10:00 AM GMT. Following this chart should help you stay on the path to profitable trading.
