USDCHF Daily Chart
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
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
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