Trading news

Technical Overview of USDCHF, GBPCHF, CHFJPY And CADCHF: 19.01.2017


Even as 1.000 – 0.9990 restricted further downsides of the USDCHF, the pair can't be termed strong unless it provides a daily closing above 1.0155, comprising short-term descending trend-line and 23.6% Fibonacci Retracement of its November – December up-move. However, 1.0090, 1.0120 and the 50-day SMA figure of 1.0140 may act as intermediate halts during the pair's immediate advances. Should the pair manage to surpass 1.0155, chances of its rally to 1.0200 and then to 1.0220 become imminent. On the contrary, pair's break of 1.0035, comprising 38.2% Fibo, can quickly fetch it to the 1.000 – 0.9990 horizontal-region, which if cleared can trigger it's south-run to 50% Fibo level of 0.9945 and then to 0.9900 round figure. If Bears keep dominating the quote below 0.9900, it becomes vulnerable to revisit 0.9820 support mark.


GBPCHF's recovery from month-old descending trend-channel support seems aptly confined by channel-resistance mark of 1.2410, which if cleared enables it to aim for 1.2500 and the 50-day SMA number of 1.2580. During the pair's additional advances beyond 1.2580, the 1.2670 and the 1.2750 are likely north-side numbers to appear on the chart. Meanwhile, 1.2330 and the 1.2250 act as nearby supports for the quote before it visit the 1.2130 and the 1.2100 round figure. Though, channel-support mark around 1.2050 might limit its further downside below 1.2100, failing to which gives rise to chances of witnessing 1.1900 figure.


Although 112.40-30 successfully triggered the CHFJPY's reversal, pair's inability to surpass 114.20 continue indicating brighter chances of its pullback to 113.30 and the 112.90 nearby rests. If prices decline below 112.90, the 50-day SMA figure of 112.60 and the 23.6% Fibonacci Retracement of its June – December downturn, at 112.30, become crucial for traders to watch, which if broken might trigger its fresh south-run to 111.90 and the 111.50 supports. Given the pair manage to extend its recovery beyond 114.20, it can aim for 114.90 & 115.15 ahead of challenging December high around 115.50. In case of the pair's strong up-move beyond 115.50, 61.8% FE level of 116.70 gains importance.


While 0.7730-40 horizontal-area again played its role in taming CADCHF prices, the pair recently dropped below 50-day SMA and is now indicating further downside to 0.7545 adjacent support. Should sellers continue being acting below 0.7545, the 0.7490-85, the 0.7430 and the 0.7380 may come into their radars. Alternatively, 50-day SMA level of 0.7595 can keep restricting the pair's immediate upside, breaking which 0.7620 & 0.7655 can please Bulls. If prices manage to surpass 0.7655, the 0.7700 round figure may only act as intermediate halt before 0.7730-40 again comes into play.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Monday, 23 Jan, 2017 / 5:02

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