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USDCHF Technical Analysis Today

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USDCHF Long Setup Forex Analysis

Bearish sentiment surrounding the greenback is dragging the USDCHF pair lower for fifth straight day, taking it closer to July monthly lows touched on Friday following the release of disappointing US GDP print. Last week’s lower-than-expected advanced US GDP growth estimate, followed by Monday’s weaker ISM manufacturing PMI seems to have seriously dented prospects of a Fed rate-hike action in 2016 and is weighing heavily on the US Dollar across the board. Currently trading near session low at 0.9660, the pair failed to extract any support from weaker-than-expected retail sales and manufacturing PMI data from Switzerland (USDCHF Technical Analysis Today).

USDCHF Technical Analysis Today 1

USDCHF Short Entry Levels

More chances for a bearish continuation, what is confirmed by a recent multi time frame price action research, and important level zones Next webirar. How to use levels – 1. Wait till the level is reached, 2. Reversal pattern, 3. Confirmation , 4. Entry, 5. Target (intraday) is a last level on the direction mentioned with arrows. Reviewing the most recent PA 1&2 period patterns we have: 1W Bearish Pattern 1M Bearish Pattern Knowing the patterns of a higher time frame is very important. Sometimes they can conflict one to another, but it gives us the information of the possible correctional moves, or a start of a new direction, so basically, every time when conflict exists, you must examine a chart whether it is a correctional pattern appearance (USDCHF Technical Analysis Today).

USDCHF Technical Analysis Today 2

USDCHF Technical Analysis Today

Currently, the USDCHF pair trades -0.17% lower at fresh session lows of 0.9669, extending its retreat from 0.9700 levels. The major extends its gradual descent in Europe, after having ran into 0.97 resistance in the Asian opening trades, on the back of renewed weakness seen in the greenback against its six major rivals. The USD index drops -0.16% to trade at session lows of 95.59.

USDCHF Technical Analysis Today

USDCHF Short Price Breakout

With the price forming a double top at 0.9700 and then printing a lower high afterwards. It looks as if the price will now test at least 0.9663 and then quite possibly the support level beneath that at 0.9647 which could see a major bullish reversal, so that is a level to watch closely. Weakness below Friday’s swing low support near 0.9640-35 region should continue dragging the pair initially towards 0.9610 intermediate support and eventually towards a short-term ascending trend-line support near 0.9570 level.

USDCHF Technical Analysis Today 4

USDCHF has come under increasing downside pressure over the past week, there is scope for losses to.9522 the June low and possibly .9444/17, the May low and 200 week ma. We view this as the base of a large range which is expected to hold. Intraday rallies are indicated to fail circa .9745.

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Andrew Pial

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