Today’s Forex Guide

USD/CHF Reached Bearish Target – Dancing Within Falling Channel


May.06.2015

5:15 PM (EST) Update

USD/CHF Daily

USD/CHF Daily: Reached our Second Target and Broke Below 50% Fibonacci Level. Moving within a falling channel.

Forex Trading idea: Short positions below Ichimoku's lower band and Fibonacci 's 50% targeting 0.9044 and 0.89 in extension.

Technical reasons why: The USD/CHF  confirmed the break below the Ichimoku cloud as well as 50% Fibonacci level which was our key pivot point and previous bearish target. The pair just opened below both support levels signaling further drops

Alternative Scenario: Above 0.95 with no bearish confirmation, look for up-moves towards 0.97

Where to set your stops and limits on the Daily Chart:

Support Levels Turning Point Resistance Levels
0.9044 0.9500 0.97
0.8900 0.9250 1.009

 

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