News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Citi lowers China 2022 GDP forecast 4.9% from 5.5%, citing expected spillover from managed Evergrande restructuring
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/8p6STxmVC6
  • Spooz sub 50-DMA again. There’s been some selling overnight during the European sessions yesterday and today. Sure hope this doesn’t shape up into a H&S topping pattern, but has anyone else noticed lower highs and lower lows forming? 👀 $SPX $ES #SP500 https://t.co/Bf3Icn2T2H https://t.co/vf8jgtVstk
  • PBoC Governor - PBoC has the conditions in place to maintain a normal and rising yield curve - Sees no need to purchase assets now
  • Not today I’m afraid. I’m on holiday in Ventnor in the lovely Isle of Wight https://t.co/iIm6hBksLs
  • ECB's Villeroy - Inflation forecast justifies keeping loose ECB policy
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/T2Lg516oCq
  • Join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/CX9djlHnWK https://t.co/wyMaa9BPYk
  • Japan PM Suga - To lift Covid state of emergency in all regions at the end of the month $JPY
  • Reminder that the 21st OPEC and non-OPEC Ministerial Meeting is scheduled for October 4th
Short Swissy at Market

Short Swissy at Market

James Stanley, Senior Strategist

Short Swissy at Market

To receive James Stanley’s Analysis directly via email, please sign up here.

This is related to the setup that we’ve been talking about for the past few weeks in USD/CHF in our Technical Analysis pieces. The level of resistance at .9949 has offered two strong inflections over the past five months, and this is the 61.8% Fibonacci retracement of the major move in USD/CHF taking the 2010 high to the 2011 low.

While this range has been building in USD/CHF over the past five-plus months, both long and short setups have been available for traders. Tuesday of this week saw a quick break of that resistance level as USD/CHF traded at the highest level since the aggressive reversal in March, just after the Federal Reserve lowered rate expectations for 2016, and provoked a run of weakness in the Greenback. But as that new high came-in, so did sellers, with price action reversing just shy of the vaulted parity-level in the pair.

This presents a ‘pin bar’ setup with Tuesday’s quick top-side wick peeking out of prior resistance. Stops for the short position can be set to 1.0030 to take on approximately 110 pips of risk, with initial profit targets at .9821, a secondary target at .9750, a 3rd target at .9682 and a final target near the support side of the range at .9600.

Short Swissy at Market

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES