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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Tonight will see Chinese markets open after a two day closure to observe mid-Autumn festival. Naturally, there will be increased focus and volatility given the current backdrop of Evergrande default concerns. Get your market update from @JMcQueenFX here:
  • RT @RiskReversal: A pretty hot @MacroSetup this week, brought to you by @Nadex and @openexc. @GuyAdami & I warn the young, but mighty @CVec…
  • RT @Nadex: The Macro Setup is back! CNBC’s @GuyAdami, @RiskReversal, and special guest @CVecchioFX discuss: -Evergrande vol hurts everlong…
  • Japanese #Yen Forecast: $USDJPY Breakout Imminent- #FOMC Levels -
  • RT @BrendanFaganFx: 78 counterparties take $1.240 trillion at Fed's fixed-rate reverse repo $USD $DXY
  • here we go - starting right now
  • SEC Chair Gensler: - Working with Congress on crypto would help - A large number of crypto investors could be harmed
  • Pre-FOMC US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY
  • The big question is whether the Fed announces taper tomorrow or whether they punt that announcement to the November rate decision, waiting for employment data to improve to the point of ‘significant further progress. More market update from @JStanleyFX :
  • SEC Chair Gensler: - The market is in a better position to absorb global shocks - Securities rules give the SEC great power over crypto
USD/CHF Rebound Stalls at 2016 Open- Bearish Invalidation 1.0072

USD/CHF Rebound Stalls at 2016 Open- Bearish Invalidation 1.0072

Michael Boutros, Strategist

Talking Points

  • USDCHF testing critical resistance confluence at the 2016 open
  • Weekly opening range set above 100DMA
  • Updated targets & invalidation levels


USD/CHF Rebound Stalls at 2016 Open- Bearish Invalidation 1.0072

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: USDCHF tested a key near-term resistance confluence yesterday at 1.0028/31. This region is defined by the yearly open, the 61.8% retracement of the 2016 range, former trendline support extending off the August low and the operative upper media-line parallel extending off the January high. The immediate long-bias is at risk while below this threshold with a break below the 100-day moving average at 9952 shifting the focus to the downside targeting 9848 & the 200DMA at 9758. A breach higher targets resistance & our bearish invalidation level at 1.0062/72 where the 61.8% extension of the advance off the yearly low converges on the 2/4 swing high.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

USDCHF 30min

USD/CHF Rebound Stalls at 2016 Open- Bearish Invalidation 1.0072

Notes: The weekly opening range is taking shape just above 100-day moving average with the range highs extending into the 61.8% retracement at 1.0029. We’re generally looking for a turn from nearby ressitance with a break of the weekly lows targeting subsquent support targets at 9893 & 9848/51.

A breach above 1.1062/72 invalidates the bearish outlook with such a scenario targeting long scalps into the 76.4% retracement at 1.0115, the 100% extension at 1.0193 and the 2016 high-day close at 1.0225. A quarter of the daily average true range yields profit targets of 26-29 pips per scalp. Caution is warranted heading into the close of the week with U.S. Non-Farm Payrolls on Friday likely to fuel added volatility in the USD crosses.

Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into February trade.

Relevant Data Releases

USD/CHF Rebound Stalls at 2016 Open- Bearish Invalidation 1.0072

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

Looking for trade ideas? Review DailyFX’s Top Trading Opportunity of 2016.

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