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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/p9Pkkbo2zf
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
USD/CHF Technical Analysis:  Knocking on Support, but Momentum Lacking

USD/CHF Technical Analysis: Knocking on Support, but Momentum Lacking

James Stanley, Senior Strategist

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CHF Technical Strategy: Pending Short
  • USD/CHF respected the higher-low carved out last week, finding support at the .9681 level.
  • Continued bearish momentum below .9681 Fibonacci support could open the door for the initiation of short positions.

USD/CHF continues to respect the lower-high pointed out last week, offering Fibonacci resistance at the 76.4% interval of the most recent major move (showing as black line on the below chart). As mentioned last week, bearish momentum breaks below .9681 could provide impetus for the initiation of short positions, but this level has yet to yield as price action has stubbornly remained supported throughout the day. The price of .9681 is a huge level in USD/CHF, as this is the 50% retracement of the ‘big picture’ move, comprising the 8-year high (1.2296) with the all-time low in the pair (.7065).

Short positions could offer attractiveness with targets at .9500 (confluent psychological whole number support plus the 61.8% Fibonacci retracement of the most recent major move), and then .9270 (50% Fib retracement of the most recent major move), and then .9065 (confluent Fibonacci support, 38.2% of the ‘big picture move’ and 38.2% of the most recent major move).

Alternatively, support getting carved out at .9681 could also be offering a higher-low for traders that want to look for long USD/CHF positions, and this higher-low support is showing up directly around prior resistance before the up-trend topped out; a hallmark of trading trend reversals. Should support at .9681 continue to hold, .9800 becomes a level of interest as this was the ‘lower-high’ before the up-trend in the pair was thwarted. Breaks above .9800 could be construed bullishly, with targets cast towards .9905 and then parity (both whole number resistance levels).

USD/CHF Technical Analysis:  Knocking on Support, but Momentum Lacking

Created with Tradingview; prepared by James Stanley

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

DISCLOSURES