By: Doug Rosen
The Swissy continues to keep climbing up and up but I think this up move will soon be deterred by a strong resistance area at .9314 This area of resistance has been poked and respected three times previously and has also acted as support.
Most of the time, areas that have had a metamorphosis from support to resistance and vice versa which is commonly referred to as role reversal tend to be powerful areas. Especially when poked and rejected a few times. It means it is an important area. In addition to resistance at .9314 stochastics is in the overbought zone as well. .9314 also happens to be last month's high.
On the 4 hour timeframe stochastics is also in the overbought zone. .9300 is the weekly R2 pivot and the R2 is a reversal pivot that usually causes a reaction to price when reached.
Ont he hourly timeframe the stochastics has already crossed down and out of the overbought zone and is pointing down. The 5, 13 and 21 ema's are very close together now so speed has slowed and momentum has weakened. This does not mean price will stop rising a bit, it simply means it is losing energy and if it loses its energy it more than likely will not break resistance.
Currently price is just below the weekly M4 pivot and also a reversal pivot at .9227 which also happens to be the daily R1. On the 15 minute timeframe the ema's are all clumped together, once again indicating minimal speed and momentum.