USDCHF Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
USDCHF has now achieved the 100% & 1.618% Fibonacci Extensions from Feb & April rallies
Key Resistance region 9720-9750 – aforementioned Extensions and Channel Resistance
Breach exposes daily objectives at 9860-9878 and 9958-9970
Broader bias remains bullish above 9540 (key support on daily close basis)
Daily RSI rejection at 70 suggests near-term correction may be underway
Scalps look cautiously lower, medium-term corrections to be bought
USDCHF Scalp Chart
Scalp Notes: Bottom Line: Although our longer-term bias remains weighted to the topside, the pair may continue to correct lower in the near-term, offering nimble short-scalps on breaks of support and favorable medium-term long entries lower. Intra-day RSI has remained bearish since the start of the week with a breach above trendline resistance dating back to last week’s high offering further conviction on long entries. The broader outlook remains weighted to the topside so long as price respects the 9540 support threshold.
*We will remain flexible with our bias with a break above 9760 eyeing subsequent resistance targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Use this app to distinguish the various trade sessions.
Key Threshold Grid
Entry/Exit Targets
Timeframe
Level
Significance
Resistance Target 1
30min
9670
Soft Resistance / Pivot
Resistance Target 2
30min
9705
Soft Resistance / Pivot
Bearish Invalidation
Daily
9750 – 9760
100% Fib Ext / Last Week’s High
Break Target 1
30min / Daily
9800
Big Figure
Break Target 2
Daily
9830
200% Fib Extension
Break Target 3
30min / Daily
9860
88.6% Retracement
Break Target 4
30min / Daily
9878
123.6% Fib Extension
Break Target 5
30min
9910
Soft Resistance / Pivot
Break Target 6
Daily
9958 – 9967
138.2% Ext / July High
Support Target 1
30min / Daily
9640
23.6% Fib Retracement
Support Target 2
30min / Daily
9608
61.8% Fib Retracement
Support Target 3
Daily
9565
38.2% Fib Retracement
Bullish Invalidation
Daily
9542
618% Fib Extension
Break Target 1
30min
9504
50% Fib Retracement
Break Target 2
30min
9475
Soft Support / Pivot
Average True Range
Daily
102
Profit Targets 23-25pips
Reviews today’s Scalp Webinar for further insights and current trade setups
For updates on this scalp and more setups follow him on Twitter @MBForex
—Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
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