USD/CHF bouncing perfectly as expected, remain bullish for a further rise
July 18, 2017 2:11 am
The price has reached our profit target from Friday and has started to bounce off nicely from our buying area yesterday as expected. We remain bullish looking to buy on dips above major support at 0.9606 (Multiple Fibonacci extensions, horizontal swing low support) for a push up to at least 0.9659 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 6% which should hold our bullish move.
Correlation analysis: EUR/USD and USD/CHF are negatively correlated, meaning they move in opposite directions. It’s good to see a drop on EUR/USD and a corresponding bounce in USD/CHF.
Buy above 0.9606. Stop loss is at 0.9591. Take profit is at 0.9569.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The price has reached our profit target from Friday and has started to bounce off nicely from our buying area yesterday as expected. We remain bullish looking to buy on dips above major support at 0.9606 (Multiple Fibonacci extensions, horizontal swing low support) for a push up to at least 0.9659 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 6% which should hold our bullish move.
Correlation analysis: EUR/USD and USD/CHF are negatively correlated, meaning they move in opposite directions. It’s good to see a drop on EUR/USD and a corresponding bounce in USD/CHF.
Buy above 0.9606. Stop loss is at 0.9591. Take profit is at 0.9569.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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