By: Doug Rosen
Up until recently I keep mentioning the .9300 level of the Swissy would be reached and only to be rejected, which it was since it was so obviously a double top on the daily charts. On the daily time frame price has made a lower high and lower low as of yesterday and the 5 ema is rolling over to the downside. Yesterday's price pierced the 13 ema and was bounced up which was expected, came back up to the 5 ema and seems to be heading down a bit. Stochastics is also in the overbought zone and crossing down.
Moving on to the 4 hour time frame price is crunched between the 13 and 55 ema's, however, price is drifting down and I can see price breaking below the 55 ema with he help of the 5 pushing it through then to head down. At the time I am writing this analysis price is being pushed below the monthly R1 and the 5 ema is beginning to cross below the R1.
On the hourly time frame price has shifted itself below the 144 ema and I expect price to keep falling until it reaches the 233 ema at which point I will expect a bounce up then continuation back down.
Price is currently just above the daily central pivot point at around .9196 and on the 15 minute time frame price has been in a range and the daily central pivot is the bottom of that range so a break below .9190 will confirm price is heading down.
