USD/CHF Rolling Over to the Down Side

By: Doug Rosen

Looking at this pair and starting with the weekly chart I can see we are in a fib war. We are reacting to the fact that price is at a fib zone of the recent move down, but based on a lower time frame chart we are making a fib. On top of that, we are bounding off the weekly 5 ema. I also want to note that sochastics is in the overbought zone. Moving over to the daily chart price has bounced off the 21 ema, yet stochastics is falling down. Zooming into the 4 hour chart it is obvious that price is riding up the 5 ema and stochastics is pointing up, but, price has a 55 ema and a 21 ema just above along with a monthly M3 in the way overlapped with a 38.2 fib of the recent move down, there is no doubt all this resistance is going to force price down a bit.



Moving on to the hourly chart price has bounced off the weekly S1 which overlaps with the 233 and 55 ema's and the stochastics is on the overbought zone. It is also obvious we have made a lower high.



Finally, I look at the 15 minute chart and it agrees with the other charts I just viewed and price action looks as though it is rolling down. So, with all this being said I believe this pair is bearish today which means USD weakness. I will stick with that bias until proven otherwise.