This pair should face heavy resistance between 1.27691-1.27795, with a few key fib levels clustered around this area. This area has been a reliable support/resistance zone in the past. The current rise is simply a pullback from the drop post-rate hike and this pair seems to be trading in a rising wedge structure. I am anticipating a break down of this structure...
I am expecting DXY to make small move back up in the ballpark of 97.40, followed by a decline to around 96.5. USDCHF has been ranging between .96 and .97 for the last few days and seems very reluctant to break upwards towards .98. In addition to this, the RSI of USDCHF is currently overbought on the H4 and H1. Looking for a retest of last weeks lows. From there,...
Looks like it is about to bounce off the .382 fib level which also happens to have been a significant reversal point for the last month. Looking to short this pair back towards last week's lows. Expecting a sharp move down. SELL @ 1.27791 SL @ 1.28226 TP1 @ 1.27112 TP2 @ 1.26552 R/R 2.8
I am expecting DXY to make small move back up to around 97.39, which will be followed by a decline to around 96.5. USDCHF has been ranging between .96 and .97 for the last few days and seems very reluctant to break upwards towards .98. In addition to this, the RSI is recovering overbought conditions on the H1 and heavily bought conditions on the H4. I believe...