Sasha Singh
0
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

USDCHF : Will it Pullback or Continue to Follow Uptrend?

USDCHF : 4 Hour Chart

USDCHF steady not surging like USDJPY today even after strong jobless report. Is it signaling something else or it is just slow? Let us see what 4 hour chart is showing. The pair seems supported from a rising support trend line however there is also a rising resistance trend line which is preventing the pair to move above it. Both trend line forms a rising wedge pattern and we know that a rising wedge pattern gives a bearish outlook on the pair. But if looking at the fundamentals this movement seems contradictory. Let’s have a look at the moving averages also. The 100 day SMA is just about to cross the 200 day SMA which signals that the pair will continue to follow the uptrend. So the bias is towards the uptrend continuation. We might see a surge above the resistance trend line.

USDCHF : Weekly Chart

Now on the weekly chart, we can see that the pair is currently testing the key resistance at .9037. As the pair pulled back from this resistance previously we might expect a pull back this time also. There seems to be an ascending triangle trend which is signaling that the pair will continue to surge breaking the above mentioned key resistance. If the pair breaks above this resistance, the pair might surge towards the next resistance level at .9134.