Technical Checks For Important CHF Pairs: 07.09.2017

USD/CHF

While a short-term “Falling-Wedge” continues offering frequent bounces to the USDCHF, chances of the pair’s pullback from more than a week’s low towards 0.9555 and then to the formation resistance-line of 0.9585 seem brighter. However, break of 0.9585 will confirm an immediate bullish chart pattern and may activate the quote’s up-moves in direction to 0.9620 and the 0.9640, which if broken could further help buyers to escalate the rally targeting 0.9680 and the 0.9700 resistance-levels. Should the pair refrains to respect the upward signaling chart formation by breaking the 0.9510 support, the 0.9480, the 0.9455 and the 0.9440 might offer intermediate halts to prices ahead of dragging them to 0.9425 re-test. If at all the pair drops below 0.9425, the 0.9400 and the 0.9380 are likely following numbers to appear on the chart.

EUR/CHF

Having recovered from the 1.1365 support, the EURCHF is likely heading towards 1.1460 trend-line mark around the ECB. Given the hawkish message delivery from Draghi propels the pair to clear 1.1460, the 1.1500, the 1.1520 and the 1.1535 numbers may entertain buyers. Moreover, pair’s sustained trading beyond 1.1535 enables it to look at 61.8% FE level of 1.1600. On the contrary, the 1.1375 support-line and the 1.1350 are expected nearby rests that the pair may avail during its decline, breaking which 1.1300 and the 1.1260-55 region, comprising 50-day SMA, gains importance. Though, pair’s daily closing below 1.1255 could trigger its fresh south-run to 1.1170 and the 1.1090 support-levels.

AUD/CHF

With 0.7690-95 horizontal-line restricting the AUDCHF’s upside, the pair indicates test of 0.7585 before taking a stop at 0.7570, comprising 50-day SMA. In case of the pair’s break of 0.7570, the 0.7535 may act as buffer ahead of reigniting the importance of 0.7500 horizontal-line but a dip beneath that can’t stop the downturn till 0.7460. Meanwhile, pair’s upside break of 0.7695 needs to surpass the 0.7725 TL resistance in order to justify its strength to target 0.7755. Should the quote keep trading up after 0.7755, the 0.7800 can be expected as follow-on resistance.

CHF/JPY

Even if CHFJPY successfully reversed from a fortnight old ascending trend-line, an immediate TL resistance, at 114.45, may confine the pair’s quick upside, breaking which 114.75 and the 115.05-10 gets back on the cards. If the pair manages to trade beyond 115.10, the 115.45 and the two-month old descending trend-line, at 115.90, should be watched carefully. Alternatively, the upward slanting TL figure of 113.75, the 113.50 and the 113.25 could please short-term sellers before offering them the 112.90 and the 112.70 supports. During the pair’s additional downside after 112.70, the 112.55 and the 61.8% FE level of 111.60 may be targeted by the Bears.

Cheers and Safe Trading,
Anil Panchal