Important CHF Pairs’ Technical Checks: 08.11.2017

USD/CHF

It’s been nearly a fortnight since the USDCHF moves are confined within a 105-pip range of 0.9935 to 1.0040. However, pair’s repeated failures to clear the 1.0040, coupled with rising Geo-political uncertainty favoring CHF strength, support more of its downside than the otherwise at least for the short-term. Presently, the 0.9960 and the 0.9950 are likely immediate supports that the pair can avail during its pullback before challenging the 0.9940-35 horizontal-region. Given the quote drops below 0.9935, the 0.9900 and the 0.9870 can quickly appear on the chart, which if broken could give way to expecting 0.9835 and the 0.9815 as following rests. On the upside, the 1.0010 can limit the pair’s nearby advances, breaking which it can rise to 1.0035-40 area. Should prices surpass 1.0040, the 61.8% FE level of 1.0065 and the 1.0100 can be targeted by the buyers.

EUR/CHF

Having bounced from support-line of the adjacent descending triangle, the EURCHF seems now heading towards the formation resistance of 1.1625 with 1.1595 being a nearby stop. If the pair manages to clear the 1.1625 mark, the 1.1660 and the 1.1690 may act as intermediate halt during its northward trajectory to October high around 1.1710. Alternatively, the 1.1545 figure could confine the pair’s immediate downside, breaking which 1.1520 and 1.1480 could entertain sellers prior to pleasing them with 1.1465. In case of the sustained downturn beneath 1.1465, the 1.1425 may become a small barrier for the Bears ahead of looking at 1.1385 level.

CHF/JPY

Another pullback from 114.35-40 is likely dragging the CHFJPY in the direction to the 113.35 but a break of 113.60 seems pre-requisite. Should the quote maintain its south-run after 113.35, the 61.8% FE level of 113.00 may comeback as levels, breaking which chances of its plunge to 112.50 can’t be denied. Meanwhile, 114.00 and the 114.25 could restrict the pair ahead of reigniting the importance of 114.35-40. Let’s say the Bulls propel the pair beyond 114.40, the 114.80 and the 115.10 could still challenge their claim to 115.70 resistance-mark.

AUD/CHF

AUDCHF is currently struggling to justify its latest bounce by clearing the 0.7670 TL resistance, which if surpassed can help it extend the recovery to the 0.7685 and then to the 0.7705 before confronting 0.7715-20 horizontal-region. If the pair clears the 0.7720, the 0.7740, the 0.7760 and the 0.7775 are likely consecutive resistances to become alive. In case of the pair’s inability to break 0.7670 trend-line resistance, the 0.7645 and the 0.7625 TL support should be given proper attention, breaking which 0.7615 and the 0.7600 may grab the limelight. During the pair’s additional declines below 0.7600, the 0.7575 and the 0.7555 can be targeting while being short.

Cheers and Safe Trading,
Anil Panchal