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.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your market update from @ddubrovskyFX here: https://t.co/XeIlexZOck https://t.co/rLYsiRLvWJ
  • What's fueling the current rally? Read more - https://t.co/OB1lCFAZLq
  • $EURUSD Daily Pivot Points: S3: 1.1022 S2: 1.1075 S1: 1.1104 R1: 1.1157 R2: 1.1182 R3: 1.1236 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Among the risk-leaning assets I usually follow, the Yen crosses are proving to be one of the most impressive categories for pace. The $EURJPY stepped on the gas today https://t.co/BYW7vQ7O2G
  • We may see more near-term US #Dollar weakness after my majors-based #USD index (averages it vs #EUR, #JPY, #GBP, #AUD) broke and confirmed the descent through key resistance (1.3213 - 1.3260) as the Greenback faces what may be its cheapest average price since early March https://t.co/pW0cfnc7uS
  • USD/JPY has been a mystery as it has moved basically nowhere of recent despite other USD pairs making sizable moves. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/zMLMseWHCi https://t.co/j8azqjhtTL
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.47% 🇳🇿NZD: 1.25% 🇬🇧GBP: 0.48% 🇪🇺EUR: 0.30% 🇨🇭CHF: -0.17% 🇯🇵JPY: -1.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BxRolsnex3
  • Talk about a disconnect between Main Street and Wall Street. Seems like markets are pricing in an expectation of a V-shaped recovery. Wonder when reality will hit 🤔 https://t.co/Y8woCzT8kN
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.29% Gold: -0.73% Silver: -1.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rsa9fXyvQe
  • $USDJPY Daily Pivot Points: S3: 106.83 S2: 107.22 S1: 107.44 R1: 107.82 R2: 107.99 R3: 108.37 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Guest Commentary: Hourly USDCHF - Reverse Engineering S/T Price Action

Guest Commentary: Hourly USDCHF - Reverse Engineering S/T Price Action

2012-07-31 13:48:00
Don Haines, MarketVisionTV.com,
Share:

* The clear five wave downtrend sequence in USDCHF from the ideal 99.70 upside target, which itself was a clear 5 wave pattern confirms the downtrend reversal.

Guest_Commentary_Hourly_USDCHF_Reverse_Engineering_ST_Price_Action_body_HrlySwiss-7-31.png, Guest Commentary: Hourly USDCHF - Reverse Engineering S/T Price Action

Thus we remain in short term upside correction to the recent decline that in a broad sense targets a pullback to the 50 to 61.8 percent target zone of 98.35 to 98.65.

Having said that, I will now attempt to use some reverse financial engineering to derive potential short term price action. First the downside target on the Daily is a 38.2 percent correction or 96.00. The first leg of the decline or A wave was from 99.70 to 96.95 or 275 points. Adding the 275 points from the ultimate C wave target of 96.00 suggests the current B wave upside correction will end at 98.75. The first leg of this upside correction is complete with the rally from 96.95 to 98.25 or 130 points.

Under the assumption that the interim b wave finds 61.8 percent support at 97.45, this projects a 130 points rally from 97.45 to the ideal 98.75 objective. Just bear in mind any deeper B wave decline than 97.45 would threaten the 96.95 base and a possible early start of the decline to 96.00.

Further videos or commentaries are available from www.marketvisiontv.com.

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.