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USDCHF Scalp Favors Buying Dips- Bullish Above 9063

USDCHF Scalp Favors Buying Dips- Bullish Above 9063

Michael Boutros, Strategist

Talking Points

  • USDCHF reversal off October lows halts at Fibonacci resistance / 100DMA
  • Risk of near-term bounce shifts focus lower– Pullbacks to be bought above 9063
  • Bearish invalidation with break / close above 9252

USDCHF Daily Chart

Forex_USDCHF_Scalp_Favors_Buying_Dips-_Bullish_Above_9063_body_USDCHF_DAILY.png, USDCHF Scalp Favors Buying Dips- Bullish Above 9063

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDCHF reversal off key support range last month still in focus
  • November opening range Bullish
  • Support at trendline dating back to October low, 9111
  • Broader bias constructive above 9062/69- Bullish invalidation
  • Resistance objectives at 9245/51, 9317, 9352/63
  • Momentum at July highs- multiple multi-month topside triggers broken- Bullish
  • Daily RSI warns of correction- support at former TL resistance, 50 level

USDCHF Scalp Chart

Forex_USDCHF_Scalp_Favors_Buying_Dips-_Bullish_Above_9063_body_USDCHF_SCALP.png, USDCHF Scalp Favors Buying Dips- Bullish Above 9063

Notes: The initial weekly opening range has broken to the downside and while our broader bias remains weighted to the topside against the November low, we look for near-term pullbacks to offer favorable long entries. Last week’s multi-month channel break remains in focus and we will look for signs of basing as we head into the end of the week. Our scalp bias will remain weighted to the topside above 9111 with only a break below 9062 invalidating our broader outlook. A breach above 9252 warrants long exposure with such a scenario eyeing subsequent topside 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

Resistance Target 1

30min

9165

23.6% Retracement

Resistance Target 2

30min

9190

Soft Resistance / Pivot

Resistance Target 3

Daily / 30min

9225/30

100-Day Moving Average / Weekly High

Bearish Invalidation

Daily / 30min

9245/51

61.8% Ext / 38.2% Retrace/ Nov High

Break Target 1

Daily / 30min

9280

Sept Gap / Soft Resistance / Pivot

Break Target 2

Daily / 30min

9317

200-Day Moving Average

Break Target 3

30min

9320

Soft Resistance / Pivot

Break Target 4

Daily / 30min

9352/63

100% Ext / 50% Retracement

Support Target 1

30min

9140

Soft Support / Pivot

Support Target 2

Daily / 30min

9111/12

23.6% & 38.2% Retraces / TL Support

Support Target 3

30min

9090

Last Week’s Low / Soft Support

Bullish Invalidation

Daily / 30min

9063/69

50% Retrace / Nov Low / Oct Swing Low

Break Target 1

30min

9045

Soft Support / Pivot

Break Target 2

Daily / 30min

9026

61.8% Retracement

Average True Range

Daily

70

Profit Targets 17-19pips

Other Setups in Play:

Trade these setups and more alongside the DailyFX research team everyday with DailyFX on Demand

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

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

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

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

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