Chart of the Week: CHF crosses in focus

The Swiss franc is in focus for the open with some interesting market structures across the crosses. 

The following analysis illustrates a bearish bias for the franc across the US dollar, pound, yen and Australian dollar from a daily time frame. 

First of all, much will depend on the trajectory of the US dollar which has recently corrected in a fashion anticipated in prior analysis, here: US dollar teases reversal traders, Golden Cross underpins.

As illustrated, above and below between the prior analysis and live market analysis, the US dollar has completed a 61.8% Fibonacci retracement and considering the M-formation and golden cross, there is now a bullish outlook for the open.

This would be expected to result in a bullish outcome for USD/CHF:

USD/CHF daily chart

This paints prospects of a bullish reverse head and shoulders on the daily chart. 

CHF/JPY daily chart

For CHF/JPY, the M-formation is compelling for a restest of the neckline and an ABCD correction could be a development in the days ahead:

However, 119.80/00 may prove to be too strong of a resistance which leaves prospects of an offered swissy across alternative crosses as follows:

GBP/CHF daily chart

The price has dropped to old resistance that would be expected to act as support which leaves a bullish outlook for days ahead in GBP/CHF.

AUD/CHF daily chart

Meanwhile, there are prospects of a reverse head & shoulders developing in AUD/CHF for the days ahead: