Home Technical Analysis USDCHF is bearish below 0.9480
USDCHF is bearish below 0.9480

USDCHF is bearish below 0.9480

0
0

By examining the daily chart of  the USDCHF pair, we can easily notice that prices have traced lowers highs after placing the important short-term top of 1.0130.

This top has capped the bullish recovery started from 0.8300 regions and was followed by weak momentum.

usdchf-01-05-2015

Adding Fibonacci retracement to the aforesaid recovery shows that, traders succeeded in breaching through 38.2% Fibonacci retracement level at 0.94630 after clearing the classical support of 0.9480.

The consecutive breakouts brought the bearish picture back into focus, while Ribbons lines –EMA20 to EMA55- has covered the USDCHF pair from the topside along with negative crossover on Know Sure Thing indicator.

Eyes are now on 0.9215-50% Fibonacci- as a break below it will trigger panic sell-off actions, aiming to reach 61.8% at 0.90 psychological.

(0)

Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *