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Technical Outlook For USDCHF, AUDCHF, NZDCHF And CADCHF: 02.01.2017


Having failed to extend its pullback recovery beyond 0.9950-55 important support-turned-resistance, the USDCHF rests around 200-day SMA figure of 0.9870, breaking which 0.9840 & 0.9820 are likely consecutive stops that it could avail prior to taking a halt at 61.8% Fibonacci Retracement of May – December 2016 upside, at 0.9785. Given the pair refrain to reverse from 0.9785, the 0.9725 and 0.9690 might please sellers. On the contrary, pair's inability to close below 0.9870 can reignite the importance of 0.9930 & 0.9950-55. However, any advances beyond 0.9955 have to clear 0.9990 resistance-confluence, comprising 100-day SMA & descending trend-line, in order to portray its strength for aiming 1.0040-45 region.


AUDCHF's U-turn from 0.7470-75 horizontal-support seems fading its strength as overbought RSI might pull the quote back to 0.7550 & 0.7530 immediate supports. Given the pullback stretches a bit longer below 0.7530, 38.2% Fibonacci Retracement level of 0.7495 & the 0.7475-70 again comes into play. Moreover, pair's weakness to withstand 0.7470 can quickly drag it to 0.7430 & then to 61.8% Fibo level of 0.7410. If at all the pair manage to extend its present north-run, 0.7600 round figure and 0.7615-20 horizontal-line become crucial for traders to watch, which if broken opens the door for price-rally towards 61.8% FE level around 0.7695 – 0.7700.


NZDCHF seems portraying a typical Break-Pullback-Continuation (BPC) formation which signal its fresh drop towards 0.7185 & 0.7160 before meeting 0.7130 multiple support zone. Should there be additional downside by the pair below 0.7130, the 0.7100 round figure may offer intermediate halt before flashing 0.7065 & 0.7050 supports. Meanwhile, an upward slanting support-turned-resistance TL, at 0.7235, can keep restricting the quote's near-term advances, breaking which the aforementioned technical formation gets negated and prices might rise to 0.7260 & 0.7300 resistance-levels. If Bulls manage to propel the north-run beyond 0.7300, the 0.7310 could become a small barrier prior to expecting 0.7400 upside figure.


With a short-term descending trend-line restricting latest recovery of the CADCHF, the pair indicates quick re-test to 0.7595 & 0.7580 adjacent supports; though, 0.7560 horizontal-line could limit its further declines, failing to which 0.7540 & an upward slanting TL mark of 0.7510 may grab traders' attention. Given the pair's extended downturn below 0.7510, the 0.7495 could offer an intermediate rest before December low, around 0.7455, comes into play. Alternatively, a clear break of 0.7620 seems necessary for the pair to flash 0.7645 & 0.7660 resistances on the chart while 0.7700 & 0.7735 horizontal-line could become crucial during its extended north-run. In case of the pair's successful break of 0.7735, it becomes buyers' favorite and can easily meet 0.7800 round figure mark.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Thursday, 02 Feb, 2017 / 12:25

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