Looking for USD/CHF retracement before a continuation up
|Weekly Overview
Today we will be looking at the USD/CHF, and as we can see from the weekly chart, we have been steadily climbing from the low of 0.9188 in week 7 2018. And price has been stuck in a large triangle, with a note of the upper resistance above the triangle of 1.0278 area which has been the long term (from 2014) highs.
In recent weeks we have come off the upper trendline around the 1.0105 area, and even though we did not make it to the lower trendline and weekly moving averages, we have turned around again and are on the 4th week of gains. We are looking set in the long term to retest the 1.0105 area.
Daily Overview
We move to the daily chart to bring into focus the fall off the high of 1.0124 and the recent move back up, we have retraced all the way back to the 61.8% fib and this level of 1.0036 has become important resistance. As a hold above here could indicate the retest of the 1.0105 area and the highs of 1.0124.
4 Hour Overview
The 4 hour chart shows a perfect move up along the lower trendline reaching the 1.0036 area, with the first test rejecting and move straight off that level. But as we reach the area again and have some indecision candles, and we will look for a sustained break above the fib and resistance.
Technical Levels to Watch
So, we are looking for price to break above a fib level off the 4 hour chart, with a break of 1.0036. An invalidation below 1.0009 and a target of 1.0105 and 1.0124
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