By: Doug Rosen
The Swissy continues its drop from the near 50.0 fib level it made a couple weeks ago. On the daily chart the 5 ema has crossed below the 233 ema and the lower Bollinger band is open and pointing downward. Stochastic does not want to surface its way out of the oversold zone, it stays in that zone and crosses from within it. The 55 ema is at 0.8718 and the 144 is at 0.8694.
Moving over to the 4 hour chart I can see that price has it riding down along the 5 ema and has just broken below the monthly S2 Pivot as well as the overlapping 233 ema with a lower Bollinger band wide open and pointing down. Moving over to the hourly chart which is where I also plot my weekly pivots I see that price has already broken last week's low. Price is also riding down along the 13 ema.
Finally on the 15 minute chart I see that price is below the central pivot point but in a consolidation range. I expect that when price reaches 0.8823 which overlaps with the daily central pivot point and the hourly 21 ema. The USD appears to be weak as of late and I expect continued bearish price action for this pair. A break below 0.8790 could be a nice opportunity to enter a short.
