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Technical Update For USD/CHF, GBP/CHF, NZD/CHF & CAD/CHF: 18.01.2018

By:
Anil Panchal
Updated: Jan 18, 2018, 12:19 UTC

USD/CHF Considering the strength of three-month old descending trend-channel’s support, coupled with oversold RSI, the USDCHF’s latest U-turn from 0.9665

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USD/CHF

Considering the strength of three-month old descending trend-channel’s support, coupled with oversold RSI, the USDCHF’s latest U-turn from 0.9665 might find it hard to stretch its decline beneath the 0.9560 rest-point. However, break of 0.9560 can quickly trigger the pair’s south-run towards 0.9525 and then to the 0.9500 support-marks, which if broken could further fetch the quote to September 2017 low around 0.9420. Meanwhile, an upside break above 0.9665 can help the quote to flash 0.9700 and the 0.9750 on the chart before confronting the 100-day SMA level of 0.9790. In case if prices continue rising after 0.9790, the channel-resistance and 50-day SMA region, near 0.9835-40, becomes crucial for traders to watch.

GBP/CHF

Irrespective of the GBPCHF’s pullback moves from 1.3345, the pair can’t be termed weaker even for short-term unless breaking immediate ascending trend-line and 50-day SMA, near 1.3195-90. Should the pair closes below 1.3190 on D1 basis, the 1.3140-35 might try limiting its follow-on downside, failing to which could please sellers with 1.3100 and the 100-day SMA level of 1.3040. On the contrary, the 1.3400 is likely consequent resistance to become alive if the pair clears the 1.3345 barrier, surpassing which December month high around 1.3470 can be expected as upcoming level. If Bulls continue dominating the price sentiments after 1.3470, the 61.8% FE level of 1.3570, adjacent to upward slanting TL resistance of 1.3595, may appear in their radars to target.

NZD/CHF

With seven-week old ascending trend-channel aptly restricting the NZDCHF’s downside, chances of the pair’s latest declines to take a U-turn from the channel-support figure of 0.6965 are brighter. Given the pair drops beneath the 0.6965, the 200-day SMA level of 0.6945, the 0.6920 and the 0.6900 may confine its resultant downturns, if not than the 50-day SMA level of 0.6875 seem important to observe. During the pair’s up-moves, the 0.7035, the 0.7060 and the 0.7095 are likely nearby resistances to entertain buyers before challenging them with channel-resistance mark of 0.7135. If prices close beyond 0.7135 on a daily chart, the 0.7165 and the 0.7200 could mark their presence.

CAD/CHF

Ever since the CADCHF dropped below the 0.7815-10 horizontal-region, it continued declining gradually; though, an upward slanting trend-line support of 0.7675 gains traders attention for now. Should the pair refrains to respect the 0.7675 support, Bears can aim for the 0.7650, the 0.7635 and the 0.7615 during further downside. Alternatively, 0.7780 and the 0.7800 are expected nearby resistances to watch if the pair takes a U-turn from present levels, breaking which 0.7810-15 area seems crucial. Given the pair’s ability to surpass 0.7815, the 0.7845, the 0.7885 and the early-month high near 0.7915 could well be targeted while being long.

Cheers and Safe Trading,
Anil Panchal

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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