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U.S. Dollar / Swiss Franc

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USDCHF trade ideas

USDCHF → A retest of trend resistance. Probable rebound FX:USDCHF strengthened as the Swiss franc went into correction due to the actions of the central bank, which is trying to protect the currency from excessive strengthening. Technically, the dollar is in the phase of correction, which may stop in the near future and the index may go back to the strengthening phase, but against this background the Swiss franc growth looks stronger, as this currency is considered as a hedge asset, which just in the crisis times was used by investors. Technically, as long as the structure of the downtrend is not broken and a false break of resistance is formed, I would consider a bounce from the upper boundary of the channel to the zone of interest at 0.8885. Resistance levels: 0.9010, 0.9050 Support levels: 0.892, 0.885 Bears can hold the resistance of the downtrend. The fundamental backdrop is still the same and in general may be maintained for some time, which may allow us to catch a downward movement to the mentioned target Regards R. Linda!
Short
by RLinda
4
Wave analysis on USDCHFChart Analysis H1 Chart: • Elliot Wave: • The chart indicates the formation of waves within the Elliot Wave structure. We see the completion of waves (i) and (ii) with an ongoing development of wave iii. • Wave (ii) correction appears to have completed, implying the start of wave iii downwards. • Potential target for wave iii could be the 50% Fibonacci level around 0.8800. • MACD: • The MACD shows a bearish momentum with the histogram moving into the negative territory and the MACD line crossing below the signal line. • RSI: • The RSI is around 38.47, indicating a bearish momentum but not yet in the oversold territory. H4 Chart: • Elliot Wave: • The H4 chart presents a broader perspective with the ongoing formation of the third wave (iii) of a larger degree. • After wave (ii), there is an apparent ABC correction with wave (c) completing just below 0.90506 (76.0% Fibonacci level). • Currently, the formation of wave (i) is ongoing, indicating further downward movement after minor corrections. • MACD: • The MACD indicates strong bearish momentum with the histogram in deep negative and MACD line significantly below the signal line. • RSI: • The RSI is at 25.94, suggesting an oversold condition which may precede a minor upward correction before the continuation of the downtrend. Daily Chart: • Elliot Wave: • The daily chart indicates a larger degree wave 1 down is completed, and wave 2 is an ongoing correction. • After the completion of wave 2, wave 3 of the higher degree downtrend appears to be forming. • This wave structure suggests a long-term bearish outlook with key levels around 0.85466 (23.6% Fibonacci level) and potentially lower towards 0.83251. • MACD: • The MACD line is well below the signal line, confirming the bearish trend continuation on a daily scale. • RSI: • The RSI on the daily chart is at 34.09, indicating that while the pair is bearish, it is approaching oversold levels, suggesting possible minor corrections. Summary and Implications: 1. Short-Term (H1): The bearish momentum is likely to continue with potential corrections towards 0.88490 (wave iv) before further drops. 2. Medium-Term (H4): The broader wave (iii) is developing, suggesting a continuation of the downtrend after minor corrections. Watching for breaks below 0.8800. 3. Long-Term (Daily): The long-term outlook remains bearish with the development of wave 3, indicating substantial downward movement towards 0.85466 and potentially lower. Trading Strategy: • Short Positions: Favorable at the completion of minor corrections, particularly around 0.88490 and 0.89770 (61.8% Fibonacci on H4). • Risk Management: Use tight stop losses above recent highs, considering the volatility and oversold RSI conditions which may lead to short-term pullbacks. • Profit Targets: Set targets around key Fibonacci levels, such as 0.8800, 0.85466, and potentially 0.83251 for long-term trades. This analysis highlights a predominantly bearish outlook for USDCHF with opportunities for both short and long-term trades based on Elliot Wave patterns, MACD, and RSI indicators.
Short
by KironKavanagh
1-Hour Chart Analysis: USDCHF Chart Overview: The price is currently trading around 0.88821. There is a notable support zone around 0.88600 to 0.88700. A resistance zone is observed around 0.89000 to 0.89200. Technical Indicators: The price has shown a potential bullish move from the support zone. We can expect the price to test the resistance zone around 0.89000 to 0.89200. If the price breaks above the resistance zone, further upside potential can be expected. Conversely, if the price fails to break the resistance, it might retest the support zone.
Long
by FourtradesTV
Bearish reversal?USD/CHF is rising towards the resistance level which is a pullback resistance that aligns with the 61.8% Fibonacci retracement and could reverse from this level to our take profit. Entry: 0.8914 Why we like it: There is a pullback resistance level which aligns with the 61.8% Fibonacci retracement. Stop loss: 0.8969 Why we like it: There is a pullback resistance level. Take profit: 0.8835 Why we like it: There is a pullback support level. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Short
by VantageMarkets
3