THE DOWNWARD TREND LINE FROM THE 6TH OF APRIL ON THE 4H CHART, (THIS IN A BEARISH TREND ON THE DAILY CHART) IT ALSO COINCIDES WITH A FAILURE TO CLOSE A 4H CANDLE ABOVE THE 38.2 FIBONACCI LEVEL OF THE 6TH APRIL TO 14TH APRIL BEAR MOVE.
I WILL BE WATCHING PRICE ACTION FOR A POSSIBLE SHORT TRADE.
As we progress this week the EURCHF is literally side ways giving pattern traders the upper hand. If the market continues lower, we could look to buy the EURCHF back into support structure at 1.0615 which lines up with the bull butterfly. Slightly above we have an AB=CD harmonic move which further gives me confidence about the direction of the market. However if...
The Swiss franc is lower on the day amid speculation that the Swiss National Bank (SNB) will intervene in the foreign exchange market in order to actively weaken the currency.
As you can see by the comparison, gold tracks the Swissy rather closely. Interestingly enough, gold's all-time high of $1,923 ended at about the same time the SNB decided to peg their...
On January 6, I noted how the price action technicals were beginning to favor gold (here). Since, gold has begun to rally with force on both a global growth slowdown and increasing market turmoil. Naysayers will continue to hate gold, but both fundamentals and technicals remain supportive.
The surprising (maybe not so much) move by the Swiss National Bank to...
EUR Basket made of 4 currency pairs is on a congestion of several supports and could breath a bit.
Here are the supports:
* Lower bound of the descending channel.
* 50% level of the pullback
* 23.6% level of the bigger picture impulsion.
Elder impulse candle color changed from red to blue (before green?) on the daily chart.
I also asked myself if we could see...
Remember the Swiss National bank is committed to defending the currency at 1.20 with "determination".
It may possible they are actively intervening at this point.
1.20 is the floor so buying now offer a great risk/reward opportunity. Unlikely to come again for a while.
On the technical side, each lower platau of the 20 day MA is met with a higher and price...
One way to determine the strength of a currency is to add 2 moving averages to the charts, one set to 5 and one set to 12. If both the 5 MA and the 12 MA is pointing upwards, that means +1 and vice versa if both of the MA:s are pointing downwards. If they are pointing against each other, different direction or are flat lined, thats equals 0 as we are most likely...
EURCHF has been drifting towards the lower end of a 3yr channel since the beginning of the year. Although it hasn't touched the 1.200 level the SNB has vowed to defend, it's gotten close enough in recent weeks to attract bargain hunters buying in anticipation of SNB intervention. I'm long at 1.208 and like the risk reward here as the weekly RSI, Stochastics and...
EUR/CHF slid after the bearish pin bar candlestick pattern that we covered yesterday in our New York Session Watch. Before the price fell from the 1.2115 resistance level, there's another two candlestick patterns which add odds to the downside which is the doji candlestick pattern and the inside bar candlestick pattern. The current support level is at 1.2080 and...
1. moving averages are 20,50,100,200 and the 200 period MA is above all, 100, is above all except 200. 50 period MA is higher than 20 period Moving Average. Along with Lower Lows and Lower Highs in a downtrend this says the pair -EUR/CHF has been in a down trend.
2. Stochastics are oversold and losing momentum.
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A double bottom followed by a Bullish Gartley with a possible harmonic move of the AX leg. Great chance it will hit .38 retracement at 1.22082 , and even head north to 1.22363 as a possible target 2.
Lets see if it will break off resistant at 1.21852
After taking short on the small shark lvl1 pattern, who is still in this short can hunt down extended targets. Consideration for longs should take place @2178, @2177 and @2171. Stops go below 2162.
This pair has a very small ATR, but respects fibs and harmonics very well. Trade big lots mates.
A short position in EUR/CHF
>The moving averages are still in order meaning the bearish trend is still intact
>StochRSI just intersected 80 signalling the start of a new short term trend
Entry is at 1.2214. Risk is at 1.22365(the 200 day moving average), and reward at 1.217
>at 1.2192 move the stop loss to break even
