AppId is over the quota
AppId is over the quota
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Chart Created Using FXCM Marketscope 2.0 Technical Outlook USDCHF approaching major inflection zone / key resistance / 2014 high Rally vulnerable while below 9113/33 resistance range- bearish invalidation Breach targets double bottom objectives at 9194-9202 and 9267 Support at 9016- bullish invalidation Support break targets objectives at 8955/80, 8908 Daily RSI divergence- suggests risks of near-term correction lower Event Risk Ahead: FOMC Minutes today and US Existing Home Sales tomorrow USDCHF 30min Chart
Notes: The USDCHF is testing a major inflection range that has been tested and failed six previous times this year, five of which took place in January. While our broader directional bias on the pair remains weighted to the topside, the rally is vulnerable here sub key resistance at 9113/33 and we’ll look to sell rallies / short –triggers while below this threshold. Bottom line: staying nimble but looking lower for now with the pullback likely to offer more favorable long entries. A topside breach above resistance puts us back on the long-side targeting resistance objectives into 9200. Note that the average true range has remained rather tight here so we’ll increase the profit targets to 38.2% of the daily ATR- this puts us at approximately 16pips per scalp. Caution is warranted heading into event risk out of the US with the release of the FOMC minutes and housing data likely to fuel added volatility in dollar crosses. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand. * It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Key Threshold Grid 1.618% Extension / 2014 Close High 100% Ext(s) / Double Bottom Objective 50% Retracement / R2 Monthly Pivot 61.8% & 23.6% Retrace(s) / Tues Low 38.2% Retrace / 100% Ext / Monthly Pivot 23.6% & 38.2% Retrace(s) / 100% Ext *ORH: Opening Range High *ORL: Opening Range Low Other Setups in Play: ---Written by Michael Boutros, Currency Strategist with DailyFX For updates on this scalp and more setups follow him on Twitter @MBForex To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list Join Michael for Live Scalping Webinars this week Tuesday – Thursday on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET) Interested in learning about Fibonacci? Watch this Video 20 August 2014 17:03 GMT
AppId is over the quota
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20 August 2014 17:03 GMT Talking Points



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