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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




Resistance Target 1



23.6% Retracement

Resistance Target 2



Soft Resistance / Pivot

Resistance Target 3

Daily / 30min


100-Day Moving Average / Weekly High

Bearish Invalidation

Daily / 30min


61.8% Ext / 38.2% Retrace/ Nov High

Break Target 1

Daily / 30min


Sept Gap / Soft Resistance / Pivot

Break Target 2

Daily / 30min


200-Day Moving Average

Break Target 3



Soft Resistance / Pivot

Break Target 4

Daily / 30min


100% Ext / 50% Retracement

Support Target 1



Soft Support / Pivot

Support Target 2

Daily / 30min


23.6% & 38.2% Retraces / TL Support

Support Target 3



Last Week’s Low / Soft Support

Bullish Invalidation

Daily / 30min


50% Retrace / Nov Low / Oct Swing Low

Break Target 1



Soft Support / Pivot

Break Target 2

Daily / 30min


61.8% Retracement

Average True Range



Profit Targets 17-19pips

Other Setups in Play:

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

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

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