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USDCHF Rebound to Gather Pace on SNB- Scalps Target 0.9330

USDCHF Rebound to Gather Pace on SNB- Scalps Target 0.9330

2013-06-17 19:29:00
Michael Boutros, Strategist
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USDCHF Daily Chart

Forex_USDCHF_Rebound_to_Gather_Pace_on_SNB_Scalps_Target_0.9330_body_Picture_2.png, USDCHF Rebound to Gather Pace on SNB- Scalps Target 0.9330

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Nice reaction at multi-year trendline support dating back to October of 2011
  • Focus shifts higher so long as 9200 is respected as support (daily close basis)
  • Primary objective range 9297-9330
  • Secondary objectives 9387-9400 and 9480
  • Daily RSI trigger pending- break to offer further conviction on near-term long scalps
  • Key Events Ahead: SNB and FOMC later this week

USDCHF Scalp Chart

Forex_USDCHF_Rebound_to_Gather_Pace_on_SNB_Scalps_Target_0.9330_body_Picture_1.png, USDCHF Rebound to Gather Pace on SNB- Scalps Target 0.9330

Scalp Notes: Bottom Line: Our longer-term bias is in line with our short-term here with proximity to key multi-year trendline support offering favorable long entries. We need to consider the possibility of another test of the lows before we head higher however with the FOMC policy decision on Wednesday likely to offer further clarity on our directional bias. Price seems to be trading within the confines of a short-term ascending channel formation with a break below likely to offer better entries later in the week. Note the intra-day RSI trigger setup- if we break this, stand clear of the longs until price or a topside RSI trigger puts us back in. A break of the monthly lows invalidates these particular scalp targets.

*We will remain flexible with our bias with a break below 9200 eyeing subsequent support targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Bearish Invalidation

30min

9297-9307

61.8% & 23.6% Retraces / 200% Ext

Break Target 1

30min

9335

Soft Resistance / Pivot

Break Target 2

30min

9360

Soft Resistance

Break Target 3

Daily / 30min

9387-9400

38.2% Retracement / 161.8% Fib Ext

Break Target 4

Daily / 30min

9435-9445

38.2% Fib Ext / Soft Resistance

Break Target 5

30min

9483

50% Retracement

Support Target 1

30min

9240

38.2% Retracement

Bullish Invalidation

Daily / 30min

9195-9200

78.6% Retrace / 23.6% Retrace

Break Target 1

30min

9170

Soft Support / Pivot

Break Target 2

30min

9130-9140

261.8% Ext / Monthly Low

Break Target 3

30min

9100

Big Figure / Soft Support

Break Target 4

30min

9070

February Close Low / 2013 Close Low

Break Target 5

30min

9021

February 2013 Swing Low

Average True Range

Daily

126

Profit Targets 28-30pips

Other Scalp Setups in Play- Long-Range EURAUD Scalp Eyes Initial Objectives at 1.3760

Reviews today’s Scalp Webinar for further insights and current trade setups

For updates on this scalp and more setups follow him on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

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