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Technical Update: USDCHF, GBPCHF, AUDCHF And NZDCHF

USDCHF

Although USDCHF's reversal from 0.9955-60 fetched the pair quotes to more than a month's low, a year-long upward slanting trend-line support, at 0.9570 now, coupled with oversold RSI, triggered the pair's recent bounce, indicating its quick run-up to 0.9645-50. Given the pair clears the immediate resistance, 50% Fibonacci Retracement of its May – November 2015 upside, near 0.9700 round figure mark, followed by 50-day SMA level of 0.9720, are likely consecutive upside numbers that it could witness. Moreover, pair's extended recovery beyond 0.9720 enables it to confront with 0.9780-85 before aiming the 0.9845-50 region, comprising 200-day SMA & 38.2% Fibo level. On the contrary, pair's close around 0.9585-80 might again drag the pair to 0.9570, which if broken can have 61.8% Fibo, at 0.9550, as a small barrier before jumping to 0.9480 and the 0.9400 supports. Should it continue respecting the bears below 0.9400, chances of the pair's plunge towards 0.9250 can't be denied.

GBPCHF

While break of short-term ascending trend-line triggered the GBPCHF decline to the lowest level in a month, pair's recent bounce from 1.3860 seems helping it to visit 1.3970 mark, which if broken can further extend its recovery to 50-day SMA level of 1.4025 and then to the 100-day SMA mark of 1.4085. If the pair continue rising beyond 1.4085, the 1.4215 and the 38.2% Fibonacci Retracement of its November 2015 – April 2016 downturn, near 1.4240, can become its next stops during additional upside. However, pair's daily close below 23.6% Fibo level of 1.3920 can continue signaling extended downside till May lows around 1.3820, breaking which 1.3750-20 broad support-region comes into play. Should the pair drops below 1.3720, it becomes liable to test the 1.3600 round figure mark.

AUDCHF

Even as the short-term ascending trend-channel keeps favoring AUDCHF up-move, pair's intermediate pullbacks from 0.7220 presently drags it towards the channel support of 0.7125. If the pair fails to respect the channel formation, the 0.7100 and the 0.7085 can offer buffer supports before it drops to May lows around 0.7065; though, its additional weakness below 0.7065 might print 0.7040 on the chart, comprising 61.8% FE of its late-April – May downside. Meanwhile, 0.7170 and the 0.7200 are likely immediate resistances that the pair needs to conquer in order to again witnessing 0.7220 and the 0.7250 upside levels. During the pair's further advances beyond 0.7250, the 38.2% Fibonacci Retracement of its April – May downside, near 0.7270, quickly followed by the channel resistance of 0.7280, can continue restricting its upside attempts.

NZDCHF

During post-RBNZ rally, the NZDCHF surpassed a month old ascending trend-channel; however, failing to sustain the breakout presently drags the pair around channel resistance-line of 0.6830, which if broken can quickly print 0.6800 and the 0.6770 on the chart. Given the pair's additional weakness below 0.6770, the 0.6720 and the channel support of 0.6685 become crucial for the pair traders to watch. If at all the pair drops below 0.6685, it becomes vulnerable to plunge towards 0.6620 and the 0.6600 support levels. Alternatively, 0.6850, adjacent to 61.8% FE of its May – June upside, near 0.6865, and the December 2015 highs of 0.6880 should be observed as immediate resistances, breaking which 0.6900 comes into play. Additionally, the pair's advances beyond 0.6900 can aim for 0.6940 and the 0.7000 psychological magnet.

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Thursday, 09 Jun, 2016 / 12:52

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-update-usdchf-gbpchf-audchf-and-nzdchf-1

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