News | ###

Happy Moves for USD/CHF Bears!


Jul.01.2014

Good news for USD/CHF bears! The pair wasn’t able to break above the 61% Fibonacci level that we were talking about last week, and went back on track with trading within the downward channel we’ve been talking about for months. It just entered the prevailing Ichimoku cloud with the RSI heading south below the neutrality area.

Remember my horror story about this pair a few weeks ago where my broker didn’t complete my exit? I’m still stuck with my bearish position with my stop loss order set a little above the 0.61% Fibonacci level. As you might remember I was hoping that the pair won’t confirm the break above 61% Fibo despite my famous saying that “Hope is not profitable in forex trading.” Well this time I got lucky :)

I’m planning to get out of this market at either 0.8831 or the previous bottom at 0.87 depending on the market sentiment. Now if the pair decides to go nuts again and suddenly break above the 61% Fibo level at 0.903 (and potentially give me a heart attack,) we could see gains towards a previous top at 0.9150 and .09250 in extension.

USDCHF technical analysis fibonacci ichimoku descending channel bearish RSI dollar swiss

 

On the fundamental news, President Obama seems to be growing more tired of the political process by the day. The President has threatened to use executive orders to get immigration reform in place, as he sees no hope of it happening through the normal channels. Mr Obama also threatened 'executive orders' would be used to support Iraq and previously to get the debt ceiling debate taken care of. Meanwhile some four million people are stuck in the system, trying to join their families in the US.

One thing he didn't seem concerned about that much though was the murder of three teenagers, Eyal Yifrach, Gilad Shaar, and Naftali Fraenkel who had American and Israeli citizenship by the Hamas terrorists, which brought anger to many people around the world.

"President Obama, you could not be more incorrect." says a disappointed citizen,  "You could not be more naïve. You could not be more mistaken by reality. You refused to make an official statement about the kidnapping of these boys, yet you expect the State of Israel to make concessions to pave the way for “peace” with a Palestinian government that includes the perpetrating terrorist organization that murdered Eyal, Gil-ad, and Naftali. You did not threaten funding to the Palestinian Authority as long as its government is supported by Hamas."

These could have caused Ms. USA to edge down against her dancing partners.

As always, Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly. And wait, are we hooked up on the social media? To get the most recent intraday updates, don’t forget to follow Invest Diva on Twitter and Facebook.

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Intraday Forex Technical Levels

EUR/USD Intraday: the upside prevails.

Invest Diva likes: Long positions above 1.367 with targets @ 1.372 & 1.375 in extension.

If pairs go nuts: Below 1.367 look for further downside with 1.365 & 1.362 as targets.

What’s up on the forex dance floor: The pair stands above its support and remains supported by a rising trend line.

Supports and resistances:
1.3775
1.375
1.372
1.3688 Last
1.367
1.365
1.362

GBP/USD Intraday: the bias remains bullish.

Invest Diva likes: Long positions above 1.709 with targets @ 1.716 & 1.72 in extension.

If pairs go nuts: Below 1.709 look for further downside with 1.705 & 1.7 as targets.

What’s up on the forex dance floor: The pair stands above its strong support and remains on the upside.

Supports and resistances:
1.7235
1.72
1.716
1.7134 Last
1.709
1.705
1.7

スライド1

USD/JPY Intraday: key resistance at 101.6.

Invest Diva likes: Short positions below 101.6 with targets @ 101.35 & 101.15 in extension.

If pairs go nuts: Above 101.6 look for further upside with 101.8 & 102 as targets.

What’s up on the forex dance floor: The upward potential is likely to be limited by the resistance at 101.6. The pair is posting a rebound and is challenging its resistance.

Supports and resistances:
102
101.8
101.6
101.5725 Last
101.35
101.15
101

スライド3

USD/CHF Intraday: the downside prevails.

Invest Diva likes: Short positions below 0.8905 with targets @ 0.886 & 0.884 in extension.

If pairs go nuts: Above 0.8905 look for further upside with 0.8925 & 0.894 as targets.

What’s up on the forex dance floor: The pair remains on the downside and is challenging its support.

Supports and resistances:
0.894
0.8925
0.8905
0.8869 Last
0.886
0.884
0.8815

NZD/USD Intraday: key resistance at 0.879.

Invest Diva likes: Short positions below 0.879 with targets @ 0.872 & 0.87 in extension.

If pairs go nuts: Above 0.879 look for further upside with 0.8835 & 0.886 as targets.

What’s up on the forex dance floor: The RSI lacks upward momentum.

Supports and resistances:
0.886
0.8835
0.879
0.8756 Last
0.872
0.87
0.868

AUD/USD Intraday: continuation of the rebound.

Invest Diva likes: Long positions above 0.9405 with targets @ 0.9475 & 0.9495 in extension.

If pairs go nuts: Below 0.9405 look for further downside with 0.9385 & 0.935 as targets.

What’s up on the forex dance floor: The RSI is bullish and calls for further upside. The pair has pushed above a declining trend line.

Supports and resistances:
0.953
0.9495
0.9475
0.9448 Last
0.9405
0.9385
0.935

USD/CAD Intraday: the downside prevails.

Invest Diva likes: Short positions below 1.07 with targets @ 1.064 & 1.0615 in extension.

If pairs go nuts: Above 1.07 look for further upside with 1.0725 & 1.0755 as targets.

What’s up on the forex dance floor: As long as 1.07 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
1.0755
1.0725
1.07
1.0663 Last
1.064
1.0615
1.058

 Intraday US Index Levels

S&P500 (CME)

Short positions below 1960 with targets @ 1936 & 1918 in extension.

Alternative scenario: Above 1960 look for further upside with 1967 & 1975 as targets.

Dow Jones (CBT)

Short positions below 16910 with targets @ 16655 & 16550 in extension.

Alternative scenario: Above 16910 look for further upside with 17000 & 17090 as targets.

Nasdaq 100 (CME)

Short positions below 3865 with targets @ 3828 & 3808 in extension.

Alternative scenario: Above 3865 look for further upside with 3877 & 3890 as targets.

Russell 2000 (ICE)

Short positions below 1196 with targets @ 1147 & 1133 in extension.

Alternative scenario: Above 1196 look for further upside with 1210 & 1225 as targets.

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