Following the re-test process of the previous broken uptrend line, the pair has managed to move lower where the closing was seen below SMA 20 again. Although this closing was achieved above 61.8% Fibonacci retracement but the sharp decline from our previous detected resistance around 1.3020 could be a sign that the bearish momentum still exists. From here, we still see chances for potential downside actions while taking out 1.2935 will confirm this scenario.
The trading range for today is among key support at 1.2750 and key resistance at 1.3110.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2935 1.2915 1.2880 1.2845 1.2825
Resistance 1.3000 1.3020 1.3055 1.3080 1.3110
Recommendation Based on the charts and explanations above our opinion is, selling the pair below 1.2935 targeting 1.2750 and stop loss above 1.3080 might be appropriate.
Back to our main harmonic study where we can see how the pair has dipped to SMA 50 before recovering again above 1.61 figure. The recent price behaviors reflect that case of indecision around 23.6% Fibonacci level of the CD leg of the bearish harmonic bat pattern. Despite the bullishness seen during the previous two days but the pair is marching towards the weekly PP –pivot point- around 1.6180 where it could receive renewed bearish impetus. From here, we remain neutral over intraday basis awaiting for more confirmations to define the trend precisely.
The trading range for today is among key support at 1.5910 and key resistance at 1.6310.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.6100 1.6075 1.6050 1.6025 1.6000
Resistance 1.6165 1.6180 1.6200 1.6225 1.6250
Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.
The pair continues to respect our short term bullish scenario after receiving fine support around 79.50 zones where SMA 200 exists as seen on the provided daily chart. The psychological level of 80.00 is currently under attack and a break of which will weaken 80.35 zones on the way toward the projected technical objective of the potential falling wedge pattern at 81.50 regions. To the downside, only a push below 78.80 could expose 78.20 again. To recap, we remain bullish over intraday and short term basis.
The trading range for today is among key support at 78.50 and key resistance now at 81.05.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 79.80 79.55 79.25 79.15 79.00
Resistance 80.35 80.50 80.75 81.05 81.50
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 79.80 targeting 81.50 and stop loss below 78.75 might be appropriate.
Despite the upside movement that took the pair above the neckline for the proposed Head & Shoulders pattern, we see that the USDCHF is still incapable of stabilizing above 0.9325 at the time Stochastic is approaching overbought areas. The Linear Regression Indicators are also negative and that makes us expect downside movement again today. Returning below 0.9280 is required to confirm the return to the downside.
The trading range for today is among key support at 0.9145 and key resistance at 0.9505.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9305 0.9280 0.9260 0.9235 0.9200
Resistance 0.9325 0.9360 0.9395 0.9430 0.9460
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9325 targeting 0.9260, 0.9235 then 0.9180 and stop loss with four-hour closing above 0.9360 might be appropriate
The pair is trending higher once again after the downside attempt yesterday, yet this upside move remains limited below the potential reversal zone (PRZ) for the suggested Butterfly Pattern. The pattern is negative and that makes us hold onto our bearish expectations . Stability above 1.0040 might push the pair to test areas 1.0135 where the second PRZ for the bearish pattern resides.
The trading range for today is among the key support at 0.9800 and key resistance at 1.0135.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9950 0.9910 0.9875 0.9840 0.9825
Resistance 1.0010 1.0040 1.0095 1.0100 1.0135
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.0000 targeting 0.9950, 0.9910 then 0.9875 and stop loss with four-hour closing above 1.0040 might be appropriate
The attempts to stabilize above 1.0385 with four-hour closing confirmations have failed as provided on the secondary image. The upside move is clear on the pair since the recently recorded trough at 1.0148, yet we need stability above 1.0385 to confirm the upside move which is the 50% Fibonacci correction for the downside wave from the top at 1.0623 to the mentioned low.
The trading range for today is expected among the key support at 1.0165 and resistance at 1.0465.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0330 1.0300 1.0260 1.0220 1.0200
Resistance 1.0385 1.0440 1.0500 1.0560 1.0595
Recommendation Based on the charts and explanations above, our opinion is buying the pair with four-hour closing above 1.0385 targeting 1.0440, 1.0465 then 1.0505 and stop loss with four-hour closing below 1.0330 might be appropriate
We have to redraw the main resistance for the proposed Symmetrical Triangle, but as we can see the pair is stable above 38.2% correction for the upside wave that started from 0.7915 to the recorded top around 0.8355 resistance. Stability above the mentioned correction around 0.8185-8190 keeps the possibility for the pair to form the suggested classic pattern which is a continuation pattern and accordingly we expect to see new upside attempts today.
The trading range for today is expected among the key support at 0.8100 and resistance at 0.8355.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8200 0.8185 0.8135 0.8100 0.8080
Resistance 0.8255 0.8310 0.8355 0.8415 0.8470
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8200 targeting 0.8255, 0.8310, then 0.8355 and stop loss with four-hour closing below 0.8135 might be appropriate