USD/CHF - Continues to be Bullish

By: Doug Rosen

This pair continues to look extremely bullish to me. It is in a critical area where I would expect it to have resistance since it is between the 38.2 and 50.0 fib levels of the previous move down but is has busted the 38.2 fib level and I expect it to make its way at least to the 50.0 level at around 0.9438 which is still over 200 more pips away.



On the daily chart price continues to ride the 5 ema to the upside, the upper Bollinger band is open and pointing up, ema's have wide angle and separation between one another, a very bullish indication. Price is currently above the monthly and weekly M3 Pivot Point, continues to ride the 5 ema on both the 4 hour and 1 hour charts with Bollinger Bands wide open and pointing North.



Looking at the 15 minute chart I see the same type of action, however, on the 15 minute momentum does look like it may slightly be weakening and the 4 hour, 1 hour and 15 minute stochastics happens to be in the overbought zone and this to me is simply a sign that price just may want to retrace back a bit before continuing onward to the upside.



On the 4 hour price is slightly outside the Bollinger Band and gapped a small ways from price, I think price ants to connect with the 4 hour 5 then continue its march tot he upside. The theme for this pair is certainly continued USD strength.