USDCHF Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
Nice reaction at multi-year trendline support dating back to October of 2011
Focus shifts higher so long as 9200 is respected as support (daily close basis)
Primary objective range 9297-9330
Secondary objectives 9387-9400 and 9480
Daily RSI trigger pending- break to offer further conviction on near-term long scalps
Key Events Ahead: SNB and FOMC later this week
USDCHF Scalp Chart
Scalp Notes: Bottom Line: Our longer-term bias is in line with our short-term here with proximity to key multi-year trendline support offering favorable long entries. We need to consider the possibility of another test of the lows before we head higher however with the FOMC policy decision on Wednesday likely to offer further clarity on our directional bias. Price seems to be trading within the confines of a short-term ascending channel formation with a break below likely to offer better entries later in the week. Note the intra-day RSI trigger setup- if we break this, stand clear of the longs until price or a topside RSI trigger puts us back in. A break of the monthly lows invalidates these particular scalp targets.
*We will remain flexible with our bias with a break below 9200 eyeing subsequent support 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.
Key Threshold Grid
Entry/Exit Targets
Timeframe
Level
Significance
Bearish Invalidation
30min
9297-9307
61.8% & 23.6% Retraces / 200% Ext
Break Target 1
30min
9335
Soft Resistance / Pivot
Break Target 2
30min
9360
Soft Resistance
Break Target 3
Daily / 30min
9387-9400
38.2% Retracement / 161.8% Fib Ext
Break Target 4
Daily / 30min
9435-9445
38.2% Fib Ext / Soft Resistance
Break Target 5
30min
9483
50% Retracement
Support Target 1
30min
9240
38.2% Retracement
Bullish Invalidation
Daily / 30min
9195-9200
78.6% Retrace / 23.6% Retrace
Break Target 1
30min
9170
Soft Support / Pivot
Break Target 2
30min
9130-9140
261.8% Ext / Monthly Low
Break Target 3
30min
9100
Big Figure / Soft Support
Break Target 4
30min
9070
February Close Low / 2013 Close Low
Break Target 5
30min
9021
February 2013 Swing Low
Average True Range
Daily
126
Profit Targets 28-30pips
Other Scalp Setups in Play- Long-Range EURAUD Scalp Eyes Initial Objectives at 1.3760
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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Source: Daily fx
