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Important CHF Pair’s Technical Update: 11.01.2017


USDCHF's another bounce from 1.0085-80 horizontal-support presently favors the pair to confront 1.0210-15 TL, which in-turn could accelerate its advances toward 1.0240 before challenging a month-old descending trend-line, at 1.0295 now. In case if the quote manage to surpass 1.0295, the 1.0320 and the 1.0340 may come-back on the chart, which if broken could propel prices towards 61.8% FE mark of 1.0375. On the contrary, 23.6% Fibonacci Retracement Level of 1.0150 and the 1.0120 are likely immediate supports for the traders to watch before looking at 1.0085-80 again. Should the pair drops below 1.0080, the 1.0035, comprising 38.2% Fibo, and the 1.0000 psychological magnet become important, clearing which 0.9980 and the 0.9940 can please sellers.


Even after successfully reversing from 1.0675-80, the EURCHF failed to surpass 50-day SMA, at 1.0745 now, which presently confine the pair's up-move and indicate 1.0700 re-test prior to flashing 1.0675-80 again. However, only strong bear-moves can fetch the quote below 1.0675, which opens the door for witnessing 1.0620 and the 1.0600. Given the pair surpasses 1.0745 on a daily closing basis, it becomes capable enough to aim for the 23.6% Fibonacci Retracement of February – June drop, at 1.0755, and the 1.0780 resistances. If at all Bulls dominate prices beyond 1.0780, the 1.0800 and the 1.0830 becomes imminent for traders to observe.


Considering the GBPCHF's U-turn from 61.8% Fibonacci Retracement, it seems heading towards 1.2400 round figure, including 50% Fibo, and then to 1.2425 resistance levels. However, the pair's additional advances beyond 1.2425 may find it difficult to break 1.2475-80 horizontal-line, which if at all broke, offers another barrier, in the form of month-old channel resistance and 38.2% Fibo, around 1.2525-30. Should the pair successfully clears 1.2530, chances of its rally to 1.2565 and 1.2600 can't be denied. Meanwhile, pair's dip below 1.2280, adjacent to 61.8% Fibo, can fetch it to 1.2255 and then to channel support of 1.2190. Given the sustained price weakness below 1.2190, the 1.2155 and the 1.2110 are likely to appear as quotes.


Following AUDCHF's successful break of 50-day SMA, it can demand 0.7545-50 while further advances beyond that may help the pair aim for nearly three-month old descending TL mark around 0.7600. If at all Bulls propel prices above 0.7600 on a daily closing basis, its northward trajectory towards 0.7625, 0.7645 and then to 0.7660 become more expected. Alternatively, 50-day SMA number of 0.7485 and the 23.6% Fibonacci Retracement mark of 0.7445 can please counter-trend traders before making them expect 0.7400 round figure. Should there be additional downturn by the pair below 0.7400, it becomes vulnerable to flash 0.7340 and the 0.7310 on the chart.

Cheers and Safe Trading,
Anil Panchal

Wednesday, 11 Jan, 2017 / 12:47

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