Important CHF Pairs’ Technical Outlook: 20.04.2017

USD/CHF

While gradual downside from 1.0105 dragged USDCHF to three-week low, the 0.9945-50 horizontal-support recently triggered the pair’s bounce towards 0.9975 and the 0.9990. Should the pair clears 0.9990, the 1.0005-10 may offer an intermediate halt to prices before propelling them towards 1.0025 descending trend-line. Moreover, an extended recovery beyond 1.0025 increases the importance of 1.0060 and another downward slanting TL mark of 1.0090, breaking which 1.0105 again comes into lime-light. Alternatively, pair’s drop below 0.9945 can quickly fetch it to 0.9925 and then to the 0.9900 round figure, which if broken could further weaken the quote to visit 0.9875 and the 0.9860 supports. In case if the sellers dominate the moves after clearing 0.9860, it becomes wise to expect the pair’s plunge around March low of 0.9811.

EUR/CHF

With a clear break of one-month old descending trend-line, EURCHF seems now heading towards 1.0725 and the 1.0735 resistances before aiming the 1.0745 horizontal-line. Given the pair’s sustain trading beyond 1.0745, the 1.0765 may act as a buffer before 200-day SMA, at 1.0782, and six-month old descending TL, near 1.0790, could limit its further advances. If at all the quote manages to surpass 1.0790 on a daily closing basis, chances of its rally to 1.0830 and then to 1.0850 can’t be denied. However, failure to hold the recent breakout, with a close below 1.0690, can again drag the quote to 1.0670 and the 1.0655 before reigniting February low of 1.0630. Should Bears command over prices and fetch them below 1.0630, the 1.0600 and the 1.0575 could come into the radar.

CHF/JPY

Even after taking a U-turn from 107.66, followed by 200-day SMA break, the CHFJPY presently confronts a month-old descending trend-line, around 109.70, which is likely to restrict the pair’s near-term advances and activate its pullback to 109.00 and 108.70 supports. If the profit-booking drags the quote below 108.70, the 108.20, 108.00 and the 107.66-60 are likely consecutive rests that can be availed. Meanwhile, pair’s clear break of 109.70 enables it to meet 110.00 – 110.20 multiple- resistance-area, breaking which 111.00 and the 111.50 can be targeted. Moreover, successful trading by the pair above 111.50 may find it hard to clear 50-day SMA level of 111.70, breaking which 112.10 can be witnessed as a quote.

NZD/CHF

A month-old ascending trend-channel again played its role in restricting NZDCHF’s downturn, signaling an uptick towards 0.7000 psychological magnet before flashing 0.7020 resistance-mark. If prices run above 0.7020, the 0.7045 and the 0.7060 can become follow-on resistances while channel’s upper-line, at 0.7075 now, may confine the pair’s up-moves then after. In case of the pair’s successful break above 0.7075, the 0.7100 and the 0.7125 can acquire place in buyers’ mind. On the downside, pair’s dip below 0.6970 channel-support may fetch it to 0.6950, 0.6925 and then to the March low of 0.6906. Should there be further weakness in quote after breaking 0.6906, the 61.8% FE level of 0.6860 gains importance.

Cheers and Safe Trading,
Anil Panchal