- The US dollar/Swiss Franc currency pair formed a daily engulfing candle on Wednesday. This was followed by an inside consolidation day on Thursday.
- The recent price action is located just under the 200-period daily SMA as per the chart below.
This is also close to the 0.9352 (24/3/13) daily low prior support level. USDCHF has so far failed to see any upside continuation following the engulfing candle, as it trades near this resistance confluence area.
- Going forward, we will be monitoring any move back to the 0.9250 area for potential support, as this is aligned with the 61.8% Fibonacci retrace of the last leg higher and the price pivot level – as seen on the fig 2 weekly timeframe chart.
- As we near the end of this week, USDCHF has covered 83% of the average weekly range and an associated 132 pips.
- The past two weeks have seen weekly basis lower closes for this pair, a close above the 0.9282 area is needed to break this sequence...continue
- The recent price action is located just under the 200-period daily SMA as per the chart below.
This is also close to the 0.9352 (24/3/13) daily low prior support level. USDCHF has so far failed to see any upside continuation following the engulfing candle, as it trades near this resistance confluence area.
- Going forward, we will be monitoring any move back to the 0.9250 area for potential support, as this is aligned with the 61.8% Fibonacci retrace of the last leg higher and the price pivot level – as seen on the fig 2 weekly timeframe chart.
- As we near the end of this week, USDCHF has covered 83% of the average weekly range and an associated 132 pips.
- The past two weeks have seen weekly basis lower closes for this pair, a close above the 0.9282 area is needed to break this sequence...continue