By: Doug Rosen
The Swissy made a vast drop yesterday. There were a lot of big moves yesterday and usually after a big move consolidation follows. The market is like a giant, heavy beast. When it moves fast it must slow down a bit and catch its breath.
Starting out with the daily chart all conditions are bearish, however, price needs to retrace a bit, give the 5 ema a chance to catch up with price. I expect a fib back to the 5 ema.
Moving onward to the 4 hour monthly pivot chart I see that price has tanked through the S3 at 0.8712 and is now retracing. A 50.0 fib would overlap with the S3. Looking at the hourly weekly pivot chart we see that price has broken the S2 at 0.8621 and the stochastic is pointing up. The 50.0 fib level of this move down as I mentioned for the 4 hour chart also overlaps with the weekly S1.
Finally, looking at the 15 minute daily pivot chart price has bounced off the M2 and is slowly drifiting upward. There is not much energy in this retracement so i expect a slow move up or just consolidation. The 50.0 fib level on the 15 minute chart overlaps with the M3 at 0.8712 .