By: Doug Rosen
Looking at USD/CHF pair and starting with the weekly chart we can see that price has obviously taken a dive.
Of course, I expected that to happen sooner or later. There is no way the 50.0 fib level price was approaching could be totally ignored. Stochastics is in the overbought zone but the upper Bollinger band is still pointing straight p and price is still above the 5 ema so this uptrend is not yet over.
Moving over now to the daily chart it is obvious that yesterday when price took its dive the 5 ema had crossed below the 13 ema, however, the lower Bollinger band is still pointing up and we still above the ascending trend line and even though price has fallen, it can still head back up but at this moment, the USD is weak.
Moving over to the 4 hour chart it price is still riding the 5 downward and price is below the monthly central pivot point.
Looking at the hourly chart the 21 ema is pressing down against price and price is below the daily central pivot point. So, at this point, I will continue to maintain my bearish bias on this pair and will watch out for USD weakness while trading the EUR/USD.
