Technical Update for Important CHF Pairs: 08.02.2017

USD/CHF

While a month-old descending trend-channel support triggered USDCHF’s upside during late-January, the pair presently struggles to clear the channel-resistance line, at 1.0000. Considering recent strength of the US Dollar, chances of the quote’s channel-break and consequent run-up towards 1.0020 & 1.0055 are high; however, sustained trading beyond 1.0055 becomes prerequisite for traders to aim for 1.0130 and the 1.0215 resistance figures. In case if the pair fail to surpass channel-resistance, the resulted pullback can fetch it to 0.9955 and 0.9900 nearby supports. Given the price-drop below 0.9900, previous month low, around 0.9960, could gain Bears’ attention, which if broken may trigger the pair’s plunge towards channel-support line of 0.9785.

GBP/CHF

Following its bounce from 1.2340-45 horizontal-support, the GBPCHF now aims to break a fortnight long downward slanting trend-line resistance of 1.2510, which can open the door for its fresh upside to 1.2580 & 1.2610. Though, 1.2650-55 horizontal-line might restrict the pair’s consecutive rally beyond 1.2610, clearing which Bulls can propel the quote towards 1.2750. On the contrary, pair’s reversal from present levels can have 1.2450 & 1.2400 round-figure rest-points to avail before re-testing 1.2340-45 area. Should there be additional declines by the pair below 1.2340, chances of its southward trajectory towards 1.2290 & 1.2235 can’t be denied.

AUD/CHF

Even as bounce from 0.7470-80 helped AUDCHF to flash fresh 2017 high, the pair might find it difficult to surpass 0.7640-60 multiple resistance area, comprising highs marked in October – November 2016. Should the pair manage to provide a daily closing beyond 0.7660, 61.8% FE of its December – January upside, at 0.7690, can please short-term traders, which if broken could propel the quote towards 61.8% FE of the whole 2016 up-move, at 0.7800. Alternatively, 0.7580, 0.7530 and 23.6% Fibonacci Retrcement level of 0.7515 are likely nearby supports that the pair traders should watch, breaking which 100-day SMA level of 0.7500 and the 0.7480-70 line can again come into play. If at all the pair drops below 0.7470 on a daily closing basis, it can quickly test 0.7400 and the 0.7380 downside figures.

CHF/JPY

With short-term descending trend-line restricting CHFJPY’s latest bounce, the pair seems all set to revisit, channel-support line of 112.00, which if broke, could further stretch its south-run to 111.45, 111.00 & 110.80 support levels prior to flashing 110.20 on the chart. Should Bears dominate prices below 110.20, it becomes wise to expect 109.00 as a quote. Meanwhile, pair’s break of 112.50 TL can trigger its pullback recovery towards 112.70 & 50% Fibo level of 112.85. During the pair’s additional up-move beyond 112.85, channel resistance-line of 113.30 gains importance, breaking which 113.85 & 114.40 may please buyers.

Cheers and Safe Trading,
Anil Panchal